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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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ByteDance takes step toward entering online stock broking in Hong Kong

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08/10/2020 | 05:37am EDT
The logo of Bytedance, which owns short video app TikTok, is seen at its office in Beijing

Beijing-based ByteDance, the owner of global short video hit TikTok, is taking steps to move into the online stock brokerage and wealth management business in Hong Kong, trademark registration documents show.

ByteDance applied last December to register a trademark called Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, the city's online intellectual property database shows.

The trademark application is being "examined", according to the database, and areas of business it applied for include "computerized financial information services, stock trading, brokerage services and stock exchange quotations."

The business is still in its infancy and ByteDance currently has just one full-time employee assigned to it, according to a person familiar with the situation.

The company has obtained a license but any official launch of the online stockbroker business is not imminent, the source added, declining to be named as the information isn't public.

ByteDance did not immediately respond to a request for comment.

The company pulled its hit TikTok app out of Hong Kong in July after Beijing established a new national security law on the semi-autonomous city. It is also trying to avert a ban on TikTok in the United States and is in talks with Microsoft and Twitter to sell its business there.

Other sources said that ByteDance's is prioritising expansion into education technology and gaming, rather than financial technology.

However, a Beijing-based fintech banker who spoke on condition of anonymity, said that it made sense for the tech giant to explore opportunities in Hong Kong rather than the mainland, where the online wealth management market is dominated by Alibaba's affiliate Ant Group.

Other Chinese-owned online stockbrokers in Hong Kong include Tiger Brokers and Tencent-backed Futu.

(Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai; Editing by Simon Cameron-Moore)

By Yingzhi Yang and Brenda Goh

Stocks mentioned in the article
ChangeLast1st jan.
FUTU HOLDINGS LIMITED -0.33% 30.18 Delayed Quote.192.44%
MICROSOFT CORPORATION 1.07% 202.54 Delayed Quote.27.07%
TENCENT HOLDINGS LIMITED -1.62% 516.5 End-of-day quote.37.51%
UP FINTECH HOLDING LIMITED -4.87% 4.69 Delayed Quote.32.11%
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Financials
Sales 2020 479 B 70 528 M 70 528 M
Net income 2020 120 B 17 714 M 17 714 M
Net cash 2020 79 504 M 11 709 M 11 709 M
P/E ratio 2020 36,3x
Yield 2020 0,28%
Capitalization 4 313 B 634 B 635 B
EV / Sales 2020 8,84x
EV / Sales 2021 7,10x
Nbr of Employees 70 756
Free-Float 60,4%
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Mean consensus BUY
Number of Analysts 45
Average target price 526,42 CNY
Last Close Price 453,48 CNY
Spread / Highest target 56,7%
Spread / Average Target 16,1%
Spread / Lowest Target -22,1%
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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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