(Yicai Global) Aug. 17 -- The price of Tencent Holdings Ltd. [HK:0700] shares rose 5.5 percent in today's morning trading to hit an all-time high of USD43.59 (HKD341.00), pushing the company's market capitalization past USD413 billion (HKD3.23 trillion).

The stock was driven up by the group's second quarter earnings, which reported revenue and gross profit increases of 59 percent and 38 percent from a year ago to USD8.48 billion (CNY56.6 billion) and CNY28.3 billion, respectively. Its smartphone game King of Glory was a major revenue generator, per financials released yesterday by the firm for the quarter ended June 30.

China United Network Communications Group Co.'s [SHA:600050] first draft of its mixed ownership reform plan, which was released yesterday, said that Tencent is expected to participate in the reorganization by investing CNY11 billion, accounting for 5.21 percent of China Unicom's total share capital after the restructuring. The stocks of companies that are set to participate in China Unicom's mixed ownership reform climbed today.