TENCENT Buys Back 1.056 Million Shares for $636 Million
Stock Performance: Tencent's stock decreased by 0.413%, with a short selling volume of $733.40 million and a ratio of 6.995%.
Share Repurchase: The company repurchased 1.056 million shares today at prices between HKD596.5 and HKD609.5, totaling nearly HKD636 million, bringing the cumulative repurchase to 87.253 million shares since May 14.
Discover Tomorrow's Bullish Stocks Today
Analyst Views on 00700
About the author
Bloomberg: Market Worries About Possible VAT Increase on Chinese Techs; HSTECH Falls into Bear Market Territory
Market Decline: The HSI fell by 343 points to 26,431, primarily due to concerns over potential VAT increases on internet companies following a recent hike for telecom firms, leading to a sell-off in Chinese tech stocks.
Impact on Tech Giants: TENCENT and other major tech companies experienced significant drops in share prices, with TENCENT declining by 3.34% and concerns rising over a potential price war in the AI sector among Chinese tech firms.
HSI Initially Gains 350 Points, Then Drops Over 200 Points as Major Tech Stocks Weigh on Market; KUAISHOU, BIDU, and TENCENT Decline by 5-6%
Market Opening: Hong Kong stocks opened higher on the 3rd, initially gaining 350 points before closing down 203 points at 26,571, with a turnover of $111.427 billion.
Tech Sector Decline: Major technology stocks, including KUAISHOU-W, BIDU-SW, TENCENT, and BABA-W, experienced significant losses, contributing to the overall market downturn.
Short Selling Activity: High short selling ratios were noted for several stocks, with KUAISHOU-W and BIDU-SW showing particularly high short selling amounts of $476.78 million and $952.19 million, respectively.
Individual Stock Performance: KUAISHOU-W was the biggest loser among blue chips, down 6.36%, while TENCENT and BABA-W also saw declines of 5.1% and 4.1%, respectively.
Samsung and SK Hynix Shares Surge Over 6%, Joint Market Capitalization Exceeds BABA and TENCENT for the First Time
Stock Surge: Samsung Electronics and SK Hynix experienced a stock price increase of over 6%, raising their combined market cap to USD 1.11 trillion, surpassing China's Alibaba and Tencent for the first time.
Impact of AI Boom: The rise in stock prices reflects the influence of the global AI boom, which is positively affecting South Korean chip manufacturers central to the supply chain.
HSI Rises by 220 Points; Gold, Silver, and Resource Stocks Recover; HSBC Holdings and NTES-S Surge
Market Opening Performance: The HSI opened 220 points higher at 26,995, with the HSCEI and HSTECH also showing gains of 0.6% and 0.7%, respectively.
Commodity and Mining Stocks: Mining stocks like CHINAGOLDINTL and ZIJIN MINING saw significant increases, with short selling ratios indicating active trading, while other commodities also trended upward.
Financial Sector Highlights: HSBC HOLDINGS rose 3% following positive forecasts from BNP Paribas, while AIA and HKEX experienced modest gains, reflecting a stable financial market.
Tech and Automotive Stocks: Mixed performance in tech stocks, with TENCENT declining slightly, while NTES-S and NEW ORIENTAL-S saw notable increases; automotive stocks like BYD and NIO faced declines amid high short selling ratios.
Citi Anticipates Minimal Adverse Effects of Google's Project Genie on China's Gaming Sector, Maintains Buy Rating on TENCENT
Impact of Google's Project Genie: Citi's report indicates that Google's "Project Genie" has put selling pressure on US gaming stocks, raising concerns about its effects on Chinese gaming companies, although access limitations for Chinese users may mitigate this impact.
Positive Outlook for Tencent: Despite the concerns, Citi believes that the potential success of "Project Genie" could positively affect Tencent (00700.HK), maintaining a Buy rating with a target price of HKD783.
Relevance of WeChat's Mini Games: The report highlights that WeChat's Mini Games ecosystem is likely to be the most relevant platform for Chinese game developers and users interested in virtual-world creation, due to its integration of social interaction and game distribution.
BNP Paribas Rating: BNP Paribas has reiterated an Outperform rating for Tencent, suggesting confidence in the company's potential to emerge as a winner in the AI space.
HSI Declines 656 Points at Midday; Commodities, Chinese Telecoms, and Auto Sector Face Pressure
Market Performance: The HSI dropped 656 points (2.4%) to 26,730, with significant declines in the HSCEI and HSTECH, while total market turnover reached HKD178.124 billion.
Decline in Precious Metals: Gold and silver prices fell, with notable drops in CHI SILVER GP and SD GOLD, both experiencing declines of over 10%.
Resource and Telecom Stocks: Resource stocks like JIANGXI COPPER and CHALCO saw significant losses, while telecom companies such as CHINA TELECOM and CHINA UNICOM plummeted due to a VAT increase on telecom services.
Automotive and Tech Sector Struggles: BYD reported a 30.1% YoY drop in new energy vehicle sales, while major tech stocks like TENCENT and JD-SW also experienced declines, reflecting broader market challenges.
Bloomberg: Market Worries About Possible VAT Increase on Chinese Techs; HSTECH Falls into Bear Market Territory
Market Decline: The HSI fell by 343 points to 26,431, primarily due to concerns over potential VAT increases on internet companies following a recent hike for telecom firms, leading to a sell-off in Chinese tech stocks.
Impact on Tech Giants: TENCENT and other major tech companies experienced significant drops in share prices, with TENCENT declining by 3.34% and concerns rising over a potential price war in the AI sector among Chinese tech firms.
HSI Initially Gains 350 Points, Then Drops Over 200 Points as Major Tech Stocks Weigh on Market; KUAISHOU, BIDU, and TENCENT Decline by 5-6%
Market Opening: Hong Kong stocks opened higher on the 3rd, initially gaining 350 points before closing down 203 points at 26,571, with a turnover of $111.427 billion.
Tech Sector Decline: Major technology stocks, including KUAISHOU-W, BIDU-SW, TENCENT, and BABA-W, experienced significant losses, contributing to the overall market downturn.
Short Selling Activity: High short selling ratios were noted for several stocks, with KUAISHOU-W and BIDU-SW showing particularly high short selling amounts of $476.78 million and $952.19 million, respectively.
Individual Stock Performance: KUAISHOU-W was the biggest loser among blue chips, down 6.36%, while TENCENT and BABA-W also saw declines of 5.1% and 4.1%, respectively.
Samsung and SK Hynix Shares Surge Over 6%, Joint Market Capitalization Exceeds BABA and TENCENT for the First Time
Stock Surge: Samsung Electronics and SK Hynix experienced a stock price increase of over 6%, raising their combined market cap to USD 1.11 trillion, surpassing China's Alibaba and Tencent for the first time.
Impact of AI Boom: The rise in stock prices reflects the influence of the global AI boom, which is positively affecting South Korean chip manufacturers central to the supply chain.
HSI Rises by 220 Points; Gold, Silver, and Resource Stocks Recover; HSBC Holdings and NTES-S Surge
Market Opening Performance: The HSI opened 220 points higher at 26,995, with the HSCEI and HSTECH also showing gains of 0.6% and 0.7%, respectively.
Commodity and Mining Stocks: Mining stocks like CHINAGOLDINTL and ZIJIN MINING saw significant increases, with short selling ratios indicating active trading, while other commodities also trended upward.
Financial Sector Highlights: HSBC HOLDINGS rose 3% following positive forecasts from BNP Paribas, while AIA and HKEX experienced modest gains, reflecting a stable financial market.
Tech and Automotive Stocks: Mixed performance in tech stocks, with TENCENT declining slightly, while NTES-S and NEW ORIENTAL-S saw notable increases; automotive stocks like BYD and NIO faced declines amid high short selling ratios.
Citi Anticipates Minimal Adverse Effects of Google's Project Genie on China's Gaming Sector, Maintains Buy Rating on TENCENT
Impact of Google's Project Genie: Citi's report indicates that Google's "Project Genie" has put selling pressure on US gaming stocks, raising concerns about its effects on Chinese gaming companies, although access limitations for Chinese users may mitigate this impact.
Positive Outlook for Tencent: Despite the concerns, Citi believes that the potential success of "Project Genie" could positively affect Tencent (00700.HK), maintaining a Buy rating with a target price of HKD783.
Relevance of WeChat's Mini Games: The report highlights that WeChat's Mini Games ecosystem is likely to be the most relevant platform for Chinese game developers and users interested in virtual-world creation, due to its integration of social interaction and game distribution.
BNP Paribas Rating: BNP Paribas has reiterated an Outperform rating for Tencent, suggesting confidence in the company's potential to emerge as a winner in the AI space.
HSI Declines 656 Points at Midday; Commodities, Chinese Telecoms, and Auto Sector Face Pressure
Market Performance: The HSI dropped 656 points (2.4%) to 26,730, with significant declines in the HSCEI and HSTECH, while total market turnover reached HKD178.124 billion.
Decline in Precious Metals: Gold and silver prices fell, with notable drops in CHI SILVER GP and SD GOLD, both experiencing declines of over 10%.
Resource and Telecom Stocks: Resource stocks like JIANGXI COPPER and CHALCO saw significant losses, while telecom companies such as CHINA TELECOM and CHINA UNICOM plummeted due to a VAT increase on telecom services.
Automotive and Tech Sector Struggles: BYD reported a 30.1% YoY drop in new energy vehicle sales, while major tech stocks like TENCENT and JD-SW also experienced declines, reflecting broader market challenges.
