China's Tencent nears 4-1/2-year peak on quarterly revenue beat

** Shares of Chinese tech giant Tencent 700 rise 2.4% to HK$600, their highest level since April 2021

** Stock is fifth-biggest pct gainer on Hang Seng Tech Index HHSTECH, which is up 0.2%

** Tencent Q2 revenue up 15% and beat analysts' estimates, according to LSEG data

** Nomura maintains "buy", lifts PT to HK$721 from HK$670; says margins likely to improve further despite ramping AI capex

** Citi keeps "buy", raises PT to HK$735 from HK$699; says Q2 growth is testament from fruitful AI investments across marketing, gaming, business services

** Hang Seng Commerce & Industry Index HHSCI gains 0.4%, the benchmark Hang Seng Index HSI adds 0.3%

** YTD, stock up 42.5% vs HSI's 28% rise