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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. faces ongoing court battles over TikTok, WeChat bans

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09/28/2020 | 11:15pm EDT
FILE PHOTO: TikTok's logo is displayed on the smartphone while standing on the U.S. flag in this illustration

The Trump administration faces ongoing court battles after two legal setbacks in its efforts to bar U.S. app stores from offering Chinese-owned TikTok or WeChat for download.

In two separate rulings, judges have questioned the evidence that data from American users is being accessed by the Chinese government imperiling U.S. national security that prompted the extraordinary orders by the U.S. Commerce Department.

U.S. District Judge Carl Nichols, who issued an order late Sunday blocking the TikTok download ban that was set for 11:59 p.m. Sunday, questioned the government's evidence.

"The government has provided ample evidence that China presents a significant national security threat, although the specific evidence of the threat posed by (TikTok), as well as whether the prohibitions are the only effective way to address that threat, remains less substantial," Nichols wrote in an opinion released Monday.

In the WeChat case, Judge Laurel Beeler in California wrote that "on this record -- while the government has established that China's activities raise significant national security concerns -- it has put in scant little evidence that its effective ban of WeChat for all U.S. users addresses those concerns."

Beeler set a Oct. 15 hearing on the Justice Department's request she reconsider her ruling and allow the WeChat order to take immediate effect.

TikTok owner ByteDance and WeChat owner Tencent Holdings have denied the apps are used for spying on Americans.

Nichols, a Trump appointee, anticipated further legal filings by both the government and TikTok before a final decision on whether to block other restrictions set for Nov. 12.

Nichols also rejected the Justice Department's effort to invoke the Espionage Act, which authorizes life imprisonment or the death penalty for those who share U.S. defense secrets.

"It is not plausible that the films, photos, art, or even personal information U.S. users share on TikTok fall within the plain meaning of the Espionage Act," Nichols wrote.

By David Shepardson


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.50% 1589.11 Delayed Quote.21.92%
APPLE INC. -0.78% 114.3 Delayed Quote.56.70%
TENCENT HOLDINGS LIMITED -0.35% 561.5 End-of-day quote.49.49%
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Financials
Sales 2020 479 B 71 367 M 71 367 M
Net income 2020 120 B 17 965 M 17 965 M
Net cash 2020 85 854 M 12 801 M 12 801 M
P/E ratio 2020 38,7x
Yield 2020 0,27%
Capitalization 4 607 B 689 B 687 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%
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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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