TENCENT(HK:00700) Jin Rong Jie·2025-12-03 01:37Market Overview - The Hong Kong stock market opened lower on December 3, with the Hang Seng Index down 0.44% at 25,980.89 points, the Hang Seng Tech Index down 0.51% at 5,595.53 points, the National Enterprises Index down 0.55% at 9,132.53 points, and the Red Chip Index down 0.24% at 4,267.46 points [1] - Major tech stocks mostly declined, with Alibaba down 0.76%, Tencent Holdings down 0.16%, JD.com down 0.34%, NetEase down 1.52%, Kuaishou down 1.38%, and Bilibili down 1.08% [1] - Automotive stocks continued to diverge, with NIO and Xpeng Motors declining, while gambling stocks, food and beverage stocks, and the three major oil companies also saw declines [1] - Nuclear power stocks, building materials and cement stocks, and new consumption concept stocks mostly rose, with new stock Jinyan Gaoling New Materials opening over 27% higher [1] Corporate News - Hezhima Intelligent (02533.HK) plans to invest approximately 400-550 million yuan to acquire a majority stake in Zhuhai Yizhi Electronic Technology Co., expecting the acquisition to be completed in Q1 2026 [2] - China Qinfa (00866.HK) signed a coal supply agreement with Zhejiang Energy Asia Pacific to provide 150,000 tons of Indonesian fuel coal [2] - Fuhong Hanlin (02696.HK) received acceptance for the listing registration application of its biosimilar HLX14, with global sales of similar products expected to reach approximately $7.463 billion in 2024 [2] - Deki Pharmaceuticals-B (06996.HK) received IND approval for its IB/II phase study of ATG-022 in combination with KEYTRUDA® (pembrolizumab) ± chemotherapy in China [2] - Gakosi-B (01167.HK) received a down payment of 125 million yuan from Haicong Capital as part of its capital increase and share transfer agreement, which will support the development of its innovative oncology therapy pipeline [2] Stock Buybacks - Tencent Holdings (00700.HK) repurchased approximately 1.036 billion HKD worth of shares, buying back 1.028 million shares at prices between 615.5 and 625.5 HKD [6] - Xiaomi Group-W (01810.HK) repurchased shares worth 102 million HKD, buying back 2.5 million shares at prices between 40.5 and 40.72 HKD [7] - China Feihe (06186.HK) repurchased shares worth 16.74 million HKD, buying back 4 million shares at prices between 4.17 and 4.20 HKD [8] - COSCO Shipping Holdings (01919.HK) repurchased shares worth 41.053 million HKD, buying back 3 million shares at prices between 13.62 and 13.81 HKD [9] - Jiuyuan Gene (02566.HK) plans to repurchase shares up to 100 million HKD [10] Institutional Insights - Guoyuan International noted uncertainty in the direction of the Federal Reserve's decisions in December, influenced by recent economic data and Japan's hawkish stance, suggesting potential external disturbances for the Hong Kong market [11] - Zhongtai Securities highlighted a new cycle for coal, recommending investment opportunities in the coal sector for 2026, focusing on three main lines: high dividend and low valuation stocks, companies with capacity growth and significant profit elasticity, and coking coal benefiting from price recovery and profit improvement [11]