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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
  Report
Delayed Hong Kong Stock Exchange  -  04:08 2022-10-03 am EDT
263.80 HKD   -0.98%
04:08aSuing Grey And Black Industry For Unfair Competition, Tencent Awarded 5 Million Yuan
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Beijing consumer rights group summons grocery firm Missfresh over complaints

08/09/2022 | 07:16am EDT
FILE PHOTO: A shop of MissFresh is seen at a street in Shanghai

BEIJING (Reuters) - A Beijing consumer rights group said on Tuesday it had asked Missfresh to work on plans to refund its customers and explain how it will rectify its business after receiving a number of complaints, adding to pressures facing the Tencent Holdings and Tiger Global-backed grocery startup.

The government-backed Beijing Consumer Association said in a statement on its website on Tuesday that a large number of Missfresh customers had complained about the platform's "abnormal operations".

Missfresh did not immediately respond to a request for comment.

The grocery delivery firm's troubles come as China's tech sector grapples with slowing growth amid COVID-19 lockdowns and tightening regulatory oversight.

The company pioneered one-hour fresh food delivery services in China, a model that is extremely popular with consumers but is labour and capital intensive. It listed on the Nasdaq in June last year, raising $273 million.

However, the company's stock has lost 98% of its valuation since and in late July local media reported that it had abruptly laid off hundreds of employees and had not paid salaries, triggering labour arbitration complaints.

Missfresh has cancelled its one-hour delivery service, changing it to a next-day model, and told local media that it had conducted layoffs due to business restructuring.

(Reporting by Sophie Yu and Brenda Goh; Editing by Jacqueline Wong)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MISSFRESH LIMITED -10.53% 0.085 Delayed Quote.-98.30%
NASDAQ COMPOSITE -1.51% 10575.62 Real-time Quote.-32.40%
TENCENT HOLDINGS LIMITED -0.98% 263.8 Delayed Quote.-41.68%
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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2022 568 B 79 820 M 79 820 M
Net income 2022 101 B 14 206 M 14 206 M
Net cash 2022 76 897 M 10 809 M 10 809 M
P/E ratio 2022 22,7x
Yield 2022 0,42%
Capitalization 2 275 B 320 B 320 B
EV / Sales 2022 3,87x
EV / Sales 2023 3,26x
Nbr of Employees 110 715
Free-Float 63,2%
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Mean consensus BUY
Number of Analysts 55
Last Close Price 241,43 CNY
Average target price 381,89 CNY
Spread / Average Target 58,2%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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