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

Reuters
09 Jan

** Shares of Tencent 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 , 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 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))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10