Tencent Ramps Up HK$9 Billion Buybacks After $309 Billion Share Rout
Updated
Updated · Bloomberg · Jun 30
Tencent Ramps Up HK$9 Billion Buybacks After $309 Billion Share Rout
1 articles · Updated · Bloomberg · Jun 30
Summary
More than HK$9 billion ($1.1 billion) in June buybacks puts Tencent on track for its biggest monthly repurchase total this year.
The company has been buying back shares almost every trading day since mid-May as its Hong Kong-listed stock struggles to recover from a selloff that has erased about $309 billion in market value since early October.
Tencent accelerated the repurchases after reporting its slowest revenue growth in six quarters, linking the stepped-up support to weaker business momentum and investor pressure.