CICC shares soar as Tencent joins in

China International Capital Corp Ltd shares soared in Hong Kong on Thursday after tech giant Tencent Holdings accounced it was taking a 4.95 percent stake in the investment bank.

Tencent will purchase 207.5 million of CICC's newly issued H shares, which account for 12.01 percent of the total issued H shares of CICC, for HK$2.86 billion ($366.4 million), according to a regulatory filing by Hong Kong-listed CICC on Wednesday night.

The transaction will make Tencent the third-largest shareholder in CICC, marking another investment by Chinese tech majors in the traditional finance industry amid the rapid development of the fintech sector.