After three straight years of decline, Chinese tech company Tencent is poised for gains in 2024.
The stock is up more than 3% for the year so far, in contrast with a decline of more than 4% in Hong Kong's main Hang Seng Index. Tencent, largely known for its gaming and social media businesses, is the biggest stock in the index with a market capitalization of more than $350 billion. The first quarter should "mark the trough" in Tencent's games business, Morgan Stanley equity analyst Gary Yu and a team said in a report on April 14.
's Head of Internet and Gaming Research, Asia Pacific, said in a report on April 16. "Tencent has increased its daily buyback to HKD1bn/day from HKD500m/day since mid-January," the report said. has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. The investment firm also expects Tencent's game business to turn around soon, albeit not until the second half of this year.
report said. Tencent is set to release first quarter results on May 14. Chinese internet companies Alibaba and JD.com have also announced share buyback programs this year. "I believe that we're definitely seeing more mature performances or behavior patterns, if you will, especially for the list companies to do buybacks, to do dividends," Grant Pan, CFO of China-based wealth management firm Noah Holdings, told me in an interview Friday.
Markets Market Insider Tencent Holdings Ltd Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Bitcoin ETFs Likely Not Available for Mainland Chinese Investors: BloombergHelene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Read more »
Chinese Asset Managers Enter Bitcoin ETF Market via Hong Kong SubsidiariesSome of China's biggest asset managers, including Harvest Fund and Southern Fund, are using their Hong Kong subsidiaries to enter the Bitcoin ETF market. They have submitted applications and are awaiting regulatory approval, reflecting growing institutional interest in Bitcoin despite China's previous hostility towards it. Approval of Bitcoin ETF products from influential institutions could validate Bitcoin in the eyes of Chinese regulators and investors.
Read more »
Hong Kong subsidiaries of Chinese asset managers apply for spot bitcoin ETFsThe Hong Kong subsidiaries of two China-based asset management firms have submitted applications to offer spot bitcoin exchange-traded funds in the administrative region.
Read more »
‘Political Correctness’: Chinese Media Complain Netflix Cast Non-Chinese Actors in ‘3 Body Problem’Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Luxury powerhouses are not just betting on Chinese shoppers, they are investing in Chinese talentThe recent engagement with emerging Chinese talent shows that luxury brands are not just looking to capitalize on established names — they are localizing their own relevance by investing in young talent from the country.
Read more »
Chinese E-Marketplace Temu Encourages Use of Chinese Cotton Despite Human Rights ConcernsChinese cheap goods e-marketplace Temu has been encouraging suppliers to use Chinese cotton in their products, despite the majority of that cotton being produced in occupied East Turkistan. This raises concerns about potential human rights violations and the use of forced labor.
Read more »