Core Viewpoint - The Hong Kong stock market is experiencing increased trading activity and stability, supported by significant inflows of southbound capital, which have reached a historical high of over 1 trillion Hong Kong dollars this year [1][3]. Group 1: Southbound Capital Inflows - As of September 2, 2023, the cumulative net inflow of southbound capital has surpassed 1 trillion Hong Kong dollars, reaching 10,002.21 million Hong Kong dollars, marking a record high [1]. - Daily trading volume of southbound capital has increased from approximately 5% at the beginning of the Hong Kong-Shanghai Stock Connect to around 35% currently, enhancing market liquidity and altering investment structures [1]. - Since the launch of the Stock Connect mechanism in November 2014, total southbound capital inflows have reached 4.7 trillion Hong Kong dollars, with a consistent net inflow trend observed since 2015 [3][4]. Group 2: Investment Preferences - The top ten stocks with the largest increase in market value held by southbound capital include Tencent Holdings, Alibaba, and others, with significant increases in market value ranging from 391.4 million to 2,169.2 million Hong Kong dollars [2]. - Southbound capital is primarily focused on globally competitive internet companies, stable cash flow value stocks with generous dividends, and innovative biopharmaceutical companies [2]. - The preference for high-dividend assets has led to significant valuation improvements in sectors such as finance, energy, and telecommunications over the past two years [2]. Group 3: Market Dynamics and Future Outlook - The influx of southbound capital has transformed the Hong Kong stock market into a core market for global investors seeking to allocate "Chinese assets," influencing market styles, sector rotations, and individual stock performances [5]. - The trend of increasing southbound capital inflows is expected to continue, driven by the valuation discrepancies between A-shares and H-shares, with investors favoring lower-priced Hong Kong stocks for similar dividend returns [4][6]. - The shift from retail to institutional dominance in southbound capital has enhanced the professional investment capabilities and value discovery functions within the Hong Kong market [6].

Summary of Key Points Core Viewpoint - Tencent Holdings has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2][3]. Share Buyback Details - On September 2, Tencent repurchased 913,000 shares at a price range of HKD 599.500 to HKD 608.000, totaling HKD 550 million [2]. - Since August 18, the company has conducted share buybacks for 12 consecutive days, acquiring a total of 11.014 million shares for a cumulative amount of HKD 6.607 billion [2]. - The stock price increased by 1.44% during the buyback period [2]. Year-to-Date Buyback Activity - Year-to-date, Tencent has executed 74 buybacks, acquiring a total of 99.898 million shares for a total expenditure of HKD 46.650 billion [3].

Group 1 - Tencent Holdings (00700) announced a share buyback of 5.5 billion HKD to repurchase 913,000 shares at a price range of 599.5 to 608 HKD per share [1] - On the same day, the company issued 91,600 shares through the exercise of stock options under the 2023 share option plan adopted on May 17, 2023 [1]

Group 1 - Tencent Holdings (00700.HK) announced a share buyback on September 2, spending HKD 550 million to repurchase 913,000 shares [1]

Group 1 - Tencent Holdings announced a share buyback of 5.5 billion HKD to repurchase 913,000 shares at a price range of 599.5 to 608 HKD per share [1] - On the same day, the company issued 91,600 shares through the exercise of stock options under the 2023 share option plan adopted on May 17, 2023 [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： 2025年9月2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 | | | | | | | | | | | | | | ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 自8月18日以来公司已连续11日进行回购，合计回购1010.10万股，累计回购金额60.57亿港元。 其间该 股累计上涨2.20%。 | 2025.06.30 | 98.90 | 510.000 | 503.000 | 50035.79 | | --- | --- | --- | --- | --- | | 2025.06.27 | 97.80 | 513.500 | 510.000 | 50024.40 | | 2025.06.26 | 97.90 | 513.000 | 508.000 | 50020.35 | | 2025.06.25 | 97.90 | 514.500 | 508.500 | 50035.55 | | 2025.06.24 | 98.50 | 510.000 | 505.500 | 50062.09 | | 2025.06.23 | 100.10 | 504.000 | 495.200 | 50059.39 | | 2025.06.20 | 99.70 | 504.500 | 496.200 | 50049.50 | | 2 ...

腾讯控股(00700)发布公告，于2025年9月1日斥资5.5亿港元回购股份91万股，每股回购价格为601.5- 609.5港元。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年9月1日斥资5.5亿港元回购股份91万股，每股回 购价格为601.5-609.5港元。 ...