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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-30 am EDT
354.40 HKD   -2.90%
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China stocks rise as Shanghai COVID improves, HK-listed tech giants jump

05/17/2022 | 12:46am EDT

SHANGHAI, May 17 (Reuters) - China stocks rose on Tuesday, as Shanghai achieved the long-awaited milestone of three straight days with no new COVID-19 cases outside quarantine zones, while Hong Kong-listed tech firms jumped on hopes of crackdown on the sector being relaxed.

The CSI300 index rose 0.9% to 3,991.34 at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,082.66.

The Hang Seng index added 2.2% to 20,395.66. The Hong Kong China Enterprises Index gained 2.6% to 7,000.38.

** The milestone Shanghai achieved usually means "zero COVID" status and could lead to the beginning of the lifting of restrictions. A nationwide COVID-19 caseload also declined, with 1,100 new cases reported on Monday, down from 1,227 new cases on Sunday.

** "The good news is the headline COVID case number has been falling," Nomura said in a note, but "we are not at a turning point yet."

** "The outlook for economic fundamentals and most financial assets in coming months will be largely determined by Beijing's stance on its zero-COVID strategy rather than the number of daily cases."

** China's state planner will strengthen support for manufacturers, the service sector and small firms, it said on Tuesday, as China's retail and factory activity fell sharply in April due to wide lockdowns.

** Semiconductors, new energy firms and automobiles surged between 2.2% and 5%.

** The Chinese People's Political Consultative Conference (CPPCC), China's top political consultative bodystarted a meeting to discuss how to promote the development of the digital economy, state media reported.

** J.P. Morgan analysts upgraded some Chinese internet companies on Monday and expect "significant uncertainties" faced by the sector to abate following recent favourable regulatory announcements.

** Hong Kong-listed tech giants rose more than 4%, with index heavyweight Alibaba Group surging 5.4%, while Tencent and Meituan gained more than 3% each.

(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)


© Reuters 2022
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NOMURA CORPORATION 0.11% 947 Delayed Quote.8.11%
S&P/CITIC 300 INDEX -0.39% 4079.1 Real-time Quote.-9.17%
S&P/CITIC 50 INDEX -0.67% 3930.34 Real-time Quote.-6.33%
TENCENT HOLDINGS LIMITED -2.90% 354.4 Delayed Quote.-22.42%
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Financials
Sales 2022 584 B 87 191 M 87 191 M
Net income 2022 118 B 17 589 M 17 589 M
Net cash 2022 92 879 M 13 864 M 13 864 M
P/E ratio 2022 25,5x
Yield 2022 0,38%
Capitalization 2 888 B 431 B 431 B
EV / Sales 2022 4,78x
EV / Sales 2023 4,00x
Nbr of Employees 116 213
Free-Float 62,5%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 302,55 CNY
Average target price 398,15 CNY
Spread / Average Target 31,6%
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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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