TENCENT(HK:00700) 21世纪经济报道·2025-07-23 12:20Core Viewpoint - Tencent Holdings has seen a significant stock price increase, reaching a new high since June 2021, driven by strong buyback activities amid major shareholder Prosus's continued reduction of its stake [1]. Group 1: Stock Performance and Buyback - On July 23, Tencent's stock price surged nearly 5%, closing at 552 HKD per share, with a total market capitalization of 50,594 billion HKD [1]. - Tencent has set a buyback target of 80 billion HKD for 2025, having already repurchased 400.43 billion HKD worth of shares, achieving approximately 50.1% of its target as of July 20 [1]. Group 2: Earnings Forecast - Analysts from Guohai Securities predict Tencent will achieve a revenue of 1,796 million RMB in Q2 2025, representing a year-on-year growth of 11%, with a NON-IFRS operating profit of 672 million RMB, up 15% [2]. - Another optimistic forecast from Guoxin Securities estimates Q2 2025 revenue at 1,801 million RMB, a 12% increase year-on-year, with a NON-IFRS net profit of 645 million RMB, reflecting a 13% growth [4]. Group 3: Fund Holdings and Changes - Public funds have reduced their holdings in Tencent, with 1,198 funds collectively holding approximately 1.67 million shares, a decrease of 1,730,430 shares compared to the previous quarter [5]. - Notably, the E Fund Blue Chip Select Mixed Fund, managed by renowned fund manager Zhang Kun, reduced its Tencent shares by 770,000 but still maintains Tencent as its largest holding [7]. Group 4: ETF Activity - ETFs have emerged as the main force in increasing Tencent's holdings, collectively adding 553,000 shares, with significant increases from various ETFs such as the E Fund China Internet ETF and the Hong Kong Technology ETF [9].