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

TENCENT HOLDINGS LIMITED

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U.S. court agrees to expedite government TikTok app store ban appeal

10/15/2020 | 12:07am EST
FILE PHOTO: TikTok's logo is displayed on the smartphone while standing on the U.S. flag in this illustration

WASHINGTON (Reuters) - A U.S. appeals court on Wednesday agreed to fast-track a Justice Department appeal of a ruling blocking the government from banning new TikTok downloads from U.S. app stores.

U.S. District Judge Carl Nichols in Washington issued a preliminary injunction on Sept. 27 that barred the U.S. Commerce Department from ordering Apple Inc and Alphabet Inc's Google app stores to remove the Chinese-owned short video-sharing app for download by new users.

A U.S. appeals court in Washington said all briefs are due by Nov. 12 with oral arguments to follow. The government's opening brief is due on Friday.

Nichols plans to hold a Nov. 4 hearing on whether to allow the U.S. government to bar transactions with TikTok that it has warned would effectively ban the app's use in the United States. Those restrictions are set to take effect on Nov. 12.

On Wednesday, TikTok sought a preliminary injunction to block those restrictions, disclosing that U.S. TikTok users on average send 80 million direct messages and share 46 million videos a day on the app.

The company said the U.S. government has produced "no evidence that the TikTok source code has ever been compromised, shared or used for nefarious purposes; no evidence that the Chinese government has ever obtained access to any TikTok user data, let alone that of U.S. users; and no evidence that TikTok's recommendation engine systematically biases Chinese (or any other) political interest."

China's ByteDance, which owns TikTok, has been under pressure to sell the popular app. The White House contends that TikTok poses national security concerns as personal data collected on 100 million Americans who use the app could be obtained by China's government. Any deal will need to be reviewed by the U.S. government's Committee on Foreign Investment in the United States (CFIUS), but people briefed on the matter do not expect any final agreement before the election.

Negotiations are underway for Walmart Inc and Oracle Corp to take stakes in a new company, TikTok Global, that would oversee U.S. operations.

Key terms of the deal, including who will have majority ownership, are in dispute.

A federal judge in San Francisco blocked similar restrictions from taking effect that would bar the use of Tencent Holding's WeChat. A hearing is set for Thursday on the government's request to immediately implement the ban on the Chinese messaging app.

(Reporting by David Shepardson; Editing by Andrea Ricci and Richard Chang)

By David Shepardson


© Reuters 2020
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ORACLE CORPORATION 1.16% 59.96 Delayed Quote.13.17%
TENCENT HOLDINGS LIMITED -0.08% 588.5 End-of-day quote.56.68%
WALMART INC. -0.26% 148.91 Delayed Quote.25.30%
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Financials
Sales 2020 481 B 73 613 M 73 613 M
Net income 2020 128 B 19 603 M 19 603 M
Net cash 2020 71 088 M 10 886 M 10 886 M
P/E ratio 2020 37,5x
Yield 2020 0,27%
Capitalization 4 717 B 722 B 722 B
EV / Sales 2020 9,67x
EV / Sales 2021 7,68x
Nbr of Employees 77 592
Free-Float 60,4%
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Mean consensus BUY
Number of Analysts 50
Average target price 577,06 CNY
Last Close Price 495,82 CNY
Spread / Highest target 44,7%
Spread / Average Target 16,4%
Spread / Lowest Target -28,7%
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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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