Core Viewpoint - Tencent Holdings has been actively repurchasing its shares for 39 consecutive days, totaling 40.46 million shares and an expenditure of 24.794 billion HKD [1] Group 1: Share Buyback Details - On January 14, 2026, Tencent repurchased 1.006 million shares at prices ranging from 626.000 to 638.000 HKD, with a total buyback amount of 636 million HKD [1] - Since November 18, 2025, the company has repurchased a total of 40.46 million shares, with a cumulative buyback amount of 24.794 billion HKD [1] - The stock has experienced a cumulative decline of 0.55% during the buyback period [1] Group 2: Year-to-Date Buyback Activity - In 2026, Tencent has conducted 9 buybacks, acquiring a total of 9.188 million shares for a total of 5.722 billion HKD [1] - The stock closed at 633.000 HKD on the day of the latest buyback, reflecting an increase of 0.88% with a total trading volume of 18.146 billion HKD [1]

Group 1 - Tencent Holdings (00700.HK) repurchased 1 million shares at a cost of HKD 636 million on January 14 [1]

Group 1 - Tencent Holdings (00700.HK) announced a share buyback on January 14, 2026, spending HKD 636 million to repurchase 1.006 million shares [1] - The buyback price ranged from HKD 626 to HKD 638 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2026年1月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變 ...

Group 1 - Southbound funds recorded a net purchase of 2.865 billion HKD today [1] - Tencent Holdings received a net inflow of approximately 2.009 billion HKD [1] - Alibaba Health saw a net inflow of about 1.458 billion HKD [1] Group 2 - China Mobile experienced a net outflow of 913 million HKD [1] - Xiaomi Group-W faced a net outflow of 423 million HKD [1]

Core Viewpoint - Tencent Holdings has been recognized as a core asset in the digital economy for 2026, showcasing its resilience and growth potential in the AI era through a stable organizational structure and robust cash flow generation capabilities [1][25]. Group 1: Organizational Governance and Ecosystem - Tencent maintains a stable governance model with low-frequency adjustments, ensuring long-term strategic execution [3]. - The management structure is clearly defined, with Ma Huateng as Chairman and CEO, and Liu Chiping as President, focusing on strategic execution and capital allocation [3]. - Tencent's ecosystem is characterized by a balanced revenue structure, with key segments including value-added services (49%), online advertising (18%), and fintech & enterprise services (32%) [5][11]. Group 2: Revenue and Growth Engines - The gaming business remains a core cash flow engine, with flagship products like "Honor of Kings" and "Peacekeeper Elite" sustaining stable revenue streams [6]. - Tencent's advertising revenue is projected to reach 121.4 billion yuan in 2024, driven by AI-enhanced efficiency in ad placements [16]. - The fintech and enterprise services segment is expected to generate 212 billion yuan in 2024, leveraging the social ecosystem for high-frequency engagement [12][11]. Group 3: Financial Strength - Tencent boasts a stable and high-quality free cash flow, providing a solid foundation for long-term growth and shareholder returns [22]. - The company has a strong profit margin and operational cash flow, enabling consistent dividend payments and stock buybacks [22]. - Strategic investments in companies like JD.com, Meituan, and Pinduoduo enhance ecosystem synergy and cash flow stability [22]. Group 4: AI Empowerment and Digital Infrastructure - Tencent's focus on AI applications across various business segments is expected to drive efficiency and revenue growth [15][21]. - The integration of AI in advertising, gaming, and enterprise services enhances user engagement and operational efficiency [18][21]. - Tencent's video platform, WeChat Channels, is evolving into a core commercial driver, leveraging its social ecosystem for enhanced user retention and monetization [19][25].

Group 1 - Tencent Holdings repurchased 1.012 million shares on January 13 at prices ranging from HKD 623.000 to HKD 638.000, totaling HKD 635.96 million [1] - The stock closed at HKD 627.500 on the same day, reflecting a 0.72% increase, with a total trading volume of HKD 15.224 billion [1] - Since November 18, 2025, the company has conducted buybacks for 38 consecutive days, acquiring a total of 39.454 million shares for a cumulative amount of HKD 24.158 billion [1] Group 2 - Year-to-date, Tencent has completed 8 buybacks, totaling 8.182 million shares and an aggregate amount of HKD 5.086 billion [1] - During the buyback period, the stock has experienced a cumulative decline of 1.41% [1] - The detailed buyback data includes the highest and lowest prices for each transaction, with the highest price recorded at HKD 638.000 on January 6, 2026 [1]

Group 1 - Tencent Holdings (00700.HK) announced a share buyback on January 13, 2026, costing HKD 636 million to repurchase 1.012 million shares [1] - The buyback price ranged from HKD 623 to HKD 638 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2026年1月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變 ...

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will continue to diverge this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to excel over physical e-commerce [2] Group 1: Market Trends - The macroeconomic environment remains weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which continues to be a drag on the industry [2] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" of US stocks at 31 times [2] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top choice due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [2] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the preferred choice among Chinese e-commerce stocks [2] - Baidu Group-SW (09888) is considered attractive in the AI field, with value release on the right track [2] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [2] - Within specific segments, JD Health (06618) and Trip.com Group-S (09961) are viewed positively [2]