FILE PHOTO: Logo of Tencent is displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo

HONG KONG (Reuters) - Shares of China’s Tencent Holdings are set to open 5.3 percent higher on Thursday after the world’s largest gaming company reported a forecast-beating quarterly profit.

The stock is set to open at record high at HK$340.40. That compared with a 0.7 percent rise in the benchmark index.

China’s biggest gaming and social media firm by revenue, trumped forecasts on Wednesday to post its best-ever quarterly results, driven by higher income from smartphone games, payments and online advertising.