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

TENCENT HOLDINGS LIMITED

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TikTok asks judge to block U.S. from barring app for download

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09/23/2020 | 11:17pm EDT
FILE PHOTO: Illustration picture of Tiktok with U.S. and Chinese flags

TikTok asked a U.S. judge on Wednesday to block a Trump administration order that would require Apple Inc and Alphabet Inc's Google to remove the short video-sharing app for new downloads starting on Sunday.

A federal judge in San Francisco on Saturday issued a preliminary injunction blocking a similar Commerce Department order from taking effect on Sunday on Tencent Holdings' WeChat app.

U.S. officials have expressed serious concerns that the personal data of as many as 100 million Americans that use the app was being passed on to China's Communist Party government.

On Saturday, the Commerce Department announced a one-week delay in the TikTok order, citing "recent positive developments" in talks over the fate of its U.S. operations.

TikTok said the restrictions "were not motivated by a genuine national security concern, but rather by political considerations relating to the upcoming general election."

TikTok said if the order is not blocked "hundreds of millions of Americans who have not yet downloaded TikTok will be shut out of this large and diverse online community - six weeks before a national election."

TikTok's Chinese owner, ByteDance, said on Monday it will own 80% of TikTok Global, a newly created U.S. company that will own most of the app's operations worldwide. ByteDance added that TikTok Global will become its subsidiary.

Oracle Corp and Walmart Inc have agreed to take stakes in TikTok Global of 12.5% and 7.5%, respectively. On Monday, Oracle said ByteDance's ownership of TikTok would be distributed to ByteDance's investors, and that the Beijing-based firm would have no stake in TikTok Global.

On Saturday, ByteDance, Walmart and Oracle said they reached an agreement that would to allow TikTok to continue to operate in the United States after President Donald Trump said he had blessed the deal.

Trump signed an executive order on Aug. 14 giving ByteDance 90 days to relinquish ownership of TikTok.

By David Shepardson and Jonathan Stempel


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -3.51% 1576.7 Delayed Quote.21.92%
APPLE INC. -0.33% 114.6362 Delayed Quote.56.70%
ORACLE CORPORATION -4.03% 57.44 Delayed Quote.13.06%
TENCENT HOLDINGS LIMITED -0.35% 561.5 End-of-day quote.49.49%
WALMART INC. -1.32% 141.96 Delayed Quote.21.05%
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Financials
Sales 2020 479 B 71 306 M 71 306 M
Net income 2020 120 B 17 951 M 17 951 M
Net cash 2020 85 848 M 12 790 M 12 790 M
P/E ratio 2020 38,7x
Yield 2020 0,27%
Capitalization 4 607 B 689 B 686 B
EV / Sales 2020 9,45x
EV / Sales 2021 7,58x
Nbr of Employees 70 756
Free-Float 60,4%
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Mean consensus BUY
Number of Analysts 48
Average target price 534,09 CNY
Last Close Price 484,29 CNY
Spread / Highest target 44,2%
Spread / Average Target 10,3%
Spread / Lowest Target -27,1%
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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