Goldman Sachs analyst Ronald Keung maintained a Buy rating on Tencent Holdings ADR TCEHY and a price target of 542 Hong Kong dollars ($69.70 U.S. dollars).
The U.S. Defense Department said Monday it had added Chinese tech giants including gaming and social media leader Tencent Holdings and battery maker CATL to a list of firms it says work with China's military.
Tencent stock price had a good performance in 2024 as it became one of the best performers in the Hang Seng index. It has jumped by 40% this year, helped by the rebound in some prominent Chinese technology companies.
Tencent Holdings (HKG:0700, OTC:TCEHY) Ltd and Honor Devices Co have unveiled a long-term partnership around cloud and artificial intelligence (AI) development. Chinese smartphone maker Honor will adopt Tencent's cloud infrastructure under the deal, including for the likes of analytics and search tools.
Two Tencent-appointed board members have stepped down from Epic Games' board following concerns raised by the US Department of Justice (DOJ). The DOJ stated that their roles on the boards of both Epic Games and Tencent, a competitor, violated Section 8 of the Clayton Act, which prohibits interlocking directorates.
Two directors of Epic Games, who had been appointed by Chinese gaming and social media firm Tencent Holdings , resigned from Epic's board after the U.S. Justice Department's antitrust division expressed concerns that their positions on both the Epic and Tencent boards violated U.S. law, the Justice Department said on Wednesday.
Shares of Chinese consumer tech-oriented names Tencent Holdings (TCEHY 5.77%), Baidu (BIDU 9.23%), and Futu Holdings (FUTU 22.47%) rocketed higher on Monday, up 5.5%, 10.1%, and 21.9% as of noon ET.
Dutch technology investor Prosus NV reported on Monday an 89.5% jump in core headline earnings during its half year, driven by accelerated growth and improved profitability of its e-commerce businesses and China's Tencent.
Tencent's recent pullback to $51.60 presents a buying opportunity, as its valuation doesn't price in excessive growth for its core operations, and the investment portfolio adds extra upside potential. Tencent's core operations in gaming, social networking, fintech, and cloud services generate significant cash flow, with RMB185 billion in FCF for the past 12 months. Chinese economic stimulus measures, including reduced reserve requirements and debt packages, are expected to boost Tencent's business and overall economic growth.
Canadian challenger bank Neo Financial Technologies' discounted fundraising round earlier this month included a mystery Chinese investor that has been revealed to have been Chinese tech giant Tencent Holdings (HKG:0700, OTC:TCEHY) Just over two weeks ago, the Calgary, Winnipeg and Toronto-based online bank said it had secured C$360 million in a fundraising round to expand its suite of financial services products. Neo raised C$110 million via a share issue and C$250 million from debt in the funding round, in which existing investors such as Peter Thiel's Valar Ventures and Peter J.
Chinese gaming giant Tencent is betting on a rise in female players worldwide for its mobile game Honor of Kings, which rolled out to the U.S. and other countries in June. Subscribe to CNBC International TV: Click Here Subscribe to CNBC International: Click Here LinkedIn: Click Here TikTok: Click Here Facebook: Click Here Instagram: Click Here Threads: Click Here X: Click Here Telegram: Click Here
Tencent (TCEHY) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.