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China's Tencent recovers from 4-month low as co repurchases shares

ReutersJan 9, 2025 3:24 AM

** Shares of Tencent 0700.HK climb 2.7% to HK$379, after hitting a four-month low earlier in the day

** Stock on course to snap a six-session decline, and is the fifth-biggest pct gainer in Hang Seng Tech Index .HSTECH, which is up 0.5%

** Stock recoups losses after slipping 1.1% to HK$365, the lowest since Sept 11

** Tencent bought back 4.1 mln shares for HK$1.50 bln ($192.82 mln) on Jan 8 and it repurchased 3.9 mln shares for HK$1.50 bln on Jan 7, according to HKEx filings

** Prosus PRX.AS sold 367,000 Tencent shares at an average prce of HK$409.7318 per share on Jan 6, reducing its stake to 23.99% from 24.02%, according to HKEx filings

** The U.S. Defense Department said on Monday it has added Tencent and others to a list of companies it says work with China's military, which Tencent on Tuesday called "a mistake" and its business would be unaffected

** "There is currently no mandate for Prosus to sell Tencent given the list that Tencent is on," Barclays wrote in a note. "Prosus is not a U.S. company itself, but it has U.S. investors in its stock."

($1 = 7.7792 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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