RTR: Rakuten shares jump 24% on Japan Post, Tencent backing

REUTERS reports:

 Rakuten Inc’s shares jumped as much as 24% on Monday after the Japanese e-commerce firm said it would raise $2.2 billion through a stake sale to companies including Japan Post and Tencent as it takes on Amazon.

Rakuten shares were trading up 18% at 1,471 yen at 02:28 GMT – the biggest rise in 17 years – after earlier hitting a daily limit high of 1,545 yen. That brings Rakuten’s share gain from Friday to almost 30% and lifts its market cap to 2.1 trillion yen ($19.4 billion).

The deal is a funding injection for Rakuten’s investments in logistics, where it is competing with Amazon and SoftBank’s newly bulked-up internet business, and in mobile, where it is taking on the three incumbent carriers…

The full post can be found here.

Now read this: “Rakuten surges most in 18 years after Tencent, Japan Post invest“.

And this: “Japanese tech giant Rakuten to raise $2.2 billion by issuing new shares to Walmart, Tencent and Japan Post“.