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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Tencent Holdings Limited    0700   KYG875721634

TENCENT HOLDINGS LIMITED

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Tencent : China video streamer iQiyi sees price hikes at home, gold abroad

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12/04/2019 | 10:26pm EST
FILE PHOTO: Yu Gong, Founder and CEO of Chinese streaming platform iQiyi Inc. speaks at Nasdaq Market Site in New York

Chinese video streaming company iQiyi hopes to have as many as half its subscribers in overseas markets in five years despite Sino-U.S. trade tensions and increased government censorship at home, founder and chief executive Gong Yu told Reuters in an interview.

The company, China's answer to Netflix, has its sights set on Southeast Asia, where it is signing marketing deals with local partners. It also working to sell white-label versions of its streaming platform around the world, Gong said in a presentation at the Asia TV Forum in Singapore.

iQiyi, which is backed by search engine giant Baidu, has been locked in a fierce battle with Tencent's video site and Alibaba-backed Youku Tudou in China. It offers Netflix-style subscriptions for TV shows and movies alongside ad-supported, user-generated video offerings that are more like YouTube.

In November, iQiyi said it had 105.8 million subscribers while Tencent Video said it had nearly 100 million paid subscribers at the end of June.

Gong said the market in China had stablized after a period of intense competition for subscribers and premium content, laying the groundwork for price hikes of 10% to 20% in the second half of 2020. He also signaled that the prolonged cash-burning fight with its rivals could soon be over.

"The video market in the future is going to be an oligopoly market," Gong told Reuters. "Currently the market share of iQiyi and Tencent video is about the same. Youku is half of that of iQiyi. So currently we already have a quite stable 2+1 status."

"The stability, which started second half of last year, is helpful in reducing the competitiveness of the market...We, the three players, think the cost is too high. We burnt too much money."

New content restrictions imposed by the government last year had raised costs for the company, Gong said, but he was hopeful that "the impact will gradually peter out."

But the U.S.-China trade war remains an obstacle for the company, which is traded on the New York-based NASDAQ.

"70% of our investors are from the U.S. so a trade war between the U.S. and China will lower American investors’ confidence in Chinese companies, make it harder for us (to receive) investment. (It) makes it hard for us to do fundraising," Gong said.

(This story has been refiled to correct last name to Gong in paragraph 2)

By Jonathan Weber

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.32% 1557.168 Delayed Quote.2.30%
TENCENT HOLDINGS LIMITED -0.25% 399 End-of-day quote.6.17%
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Financials (CNY)
Sales 2019 376 B
EBIT 2019 116 B
Net income 2019 94 681 M
Finance 2019 34 579 M
Yield 2019 0,29%
P/E ratio 2019 35,7x
P/E ratio 2020 31,3x
EV / Sales2019 8,80x
EV / Sales2020 6,90x
Capitalization 3 346 B
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Mean consensus BUY
Number of Analysts 45
Average target price 372,80  CNY
Last Close Price 352,36  CNY
Spread / Highest target 21,6%
Spread / Average Target 5,80%
Spread / Lowest Target -16,6%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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