(Bloomberg) — Tencent Holdings Ltd.’s shares just hit three milestones in a single day.The Chinese internet and gaming giant rose 4.9% to a record HK$497.40 in Hong Kong on Tuesday, leapfrogging Alibaba Group Holding Ltd. as Asia’s most valuable company. It’s also now doubled in value since a low in 2018, a year in which China’s restrictions on online games triggered the world’s biggest wipeout of shareholder wealth. The Shenzhen-based firm is worth $613 billion, the seventh most globally.Tencent has for years captivated investors and analysts with its massively popular online gaming business, payments system and WeChat social networking platform. After homebound players helped propel revenue during China’s Covid-19 lockdowns earlier in the year, Tencent’s integral role in the lives of hundreds of millions of Chinese is adding to optimism that it can keep up that pace of growth.Regulatory meddling from Beijing remains a key risk, with the government intensifying scrutiny over the country’s user-generated online content that’s proven difficult to monitor. China on Tuesday said it suspended some operations on 10 of the country’s most popular live-streaming apps, including services backed by Tencent.Tencent stock analysts, who rarely back away from their bullish recommendations on the shares, have boosted their average 12-month price target by 13% over the past six weeks. Chinese investors are also fans, holding a record amount of the company’s shares through exchange links with Hong Kong, according to data compiled by Bloomberg.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Yahoo Finance’s Alexis Christoforous and Brian Sozzi discuss what’s moving the markets Tuesday with Kirk Hartman, Wells Fargo Asset Management President and Global CIO.

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(Bloomberg) — American Airlines Group Inc. is set to raise $1.94 billion by selling equity and convertible bonds later this week after increasing the size of both offerings.The stock sale, at $13.50 a share, will generate about $1 billion, American said in a statement Tuesday, confirming details reported by Bloomberg News. That’s a discount of almost 16% compared with the closing price before the deal launched and 9.5% from American’s closing price Monday.The airline also is marketing $1 billion in convertible notes due 2025 with a 6.5% coupon and a conversion price of about $16.20 a share. That’s 20% premium over the price in the share offering. The net proceeds for American from both sales include underwriting discounts and other offering expenses.The deals underscore the broad range of tools that airlines are using to bolster liquidity after a travel collapse caused by the Covid-19 pandemic. American also is offering $1.5 billion in senior secured junk bonds maturing in 2025 and marketing a $500 million four-year loan facility. In addition, U.S. carriers have received $25 billion in federal aid and have access to government loans.American fell 6% to $14.02 at 9:56 a.m. in New York, the biggest drop on the S&P 500 Index. The shares fell 48% this year through Monday, in line with the decline of a Standard & Poor’s index of major U.S. rivals.The company’s share and convertible sales, which are set to close June 25, were both boosted from an original plan that called for offerings of $750 million each. American has also granted the underwriters a 30-day option to buy another $150 million in shares and $150 million in convertible notes.Goldman Sachs Group Inc., Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. are jointly running the stock and notes offerings for American.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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