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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 09/17
461.8 HKD   +2.39%
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Tencent : SEC halts Wall Street IPOs of Chinese companies, mulls new risk disclosures

07/30/2021 | 07:31am EDT

The US Securities and Exchange Commission (SEC) has frozen registrations of Chinese companies for IPOs on US markets while it drafts new guidance for disclosing the risk of a Beijing regulatory crackdown to investors.

Chinese companies must not submit registrations for the sales of securities to the SEC until it has formulated new rules on how to share the risks they face from Beijing, insider sources told Reuters.

It comes after Chinese authorities banned ride-hailing giant Didi Chuxing from onboarding new users and launched an investigation into the company allegedly violating user privacy, just days after its $4.4bn New York IPO last month.

Didi’s shares had fallen by up to 40 per cent since making its Wall Street debut on June 30, but on Thursday they soared upwards by almost 50 per cent in pre-market trading after reports the company was considering going private.

They pared gains, however, when Didi later denied the privatisation reports on its social media account.

Investor fears of Beijing’s ongoing crackdowns have led to Chinese tech stocks listed in New York sliding 22 per cent in July – in what is set to be their steepest fall since the 2008 global financial crisis, according to Nasdaq’s Golden Dragon China index.

And Beijing has shown no sign of stopping, as it continues its regulatory crackdown on other companies with large amounts of data at their disposal – including technology and private education companies – and plans to uproot how Chinese companies list on foreign markets.

Earlier in the week, shares in music giant Tencent – which controls 80 per cent of China’s music streaming rights – slumped 16 per cent after Beijing ordered the company to end its exclusive music licensing agreements with record labels across the world. China’s State Administration of Market Regulation (SAMR) said Tencent had broken the country’s anti-monopoly rules.

After Chinese markets closed on Friday, Beijing’s transport ministry announced it would step up oversight of ride-hailing platforms, alleging some “infringed on drivers’ rights”.

We like the quality small to mid-cap companies where we can grasp what exactly is going on in their business, and see the catalysts for recovery and growth. Localised themes are also important, such as the broad spectrum of businesses that will benefit from borders re-opening.

Ronald Chan, founder of Hong Kong asset management firm Chartwell Capital, said owing to Beijing’s policymaking, “investing in China is two steps forward, one step back.”

His advice to foreign investors was to “make sure your portfolio is bullet-proof by having an all-weathered strategy.

“We like to blend income stocks and quality growth companies that typically move differently and give the portfolio some insulation from volatility and generate more asymmetric returns than a pure beta play.”

The post SEC halts Wall Street IPOs of Chinese companies as mulls new risk disclosures appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2021 579 B 89 726 M 89 726 M
Net income 2021 151 B 23 343 M 23 343 M
Net cash 2021 136 B 21 119 M 21 119 M
P/E ratio 2021 29,8x
Yield 2021 0,35%
Capitalization 4 399 B 565 B 682 B
EV / Sales 2021 7,36x
EV / Sales 2022 6,02x
Nbr of Employees 94 182
Free-Float 62,4%
Chart TENCENT HOLDINGS LIMITED
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Technical analysis trends TENCENT HOLDINGS LIMITED
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Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 52
Last Close Price 461,80 CNY
Average target price 543,19 CNY
Spread / Average Target 17,6%
EPS Revisions
Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
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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