腾讯控股，开启新一轮回购！

Core Viewpoint - Tencent Holdings has resumed its stock buyback program after the earnings "quiet period," signaling strong confidence in the company's long-term value [1][6]. Buyback Details - On August 18, Tencent Holdings repurchased approximately 931,000 shares at a cost of about 550 million HKD, marking the start of a new buyback round after pausing on July 11 [2][6]. - The total buyback amount for the year has exceeded 40 billion HKD, demonstrating management's commitment to the company's long-term value [4][6]. Market Context - The buyback trend among Hong Kong-listed companies has seen a decrease compared to the same period in 2024, with Tencent's buyback amount significantly lower than last year's [3][9]. - As of August 18, 216 Hong Kong-listed companies have repurchased shares totaling 1,074.81 billion HKD, with Tencent leading at 405.93 billion HKD [9]. Impact of Buybacks - Buybacks are often seen as a signal that companies believe their stock is undervalued, which can help stabilize investor confidence and stock prices [5][10]. - Tencent has reduced its total share capital from approximately 9.629 billion shares in July 2022 to 9.225 billion shares by the end of 2024, which directly boosts earnings per share (EPS) [7]. Market Trends - The reduction in buyback activity is viewed as a rational market response to the recovery of the Hong Kong stock market, where the Hang Seng Index has risen over 25% this year [10]. - As market valuations improve, companies may opt to reduce buybacks to allocate capital more efficiently for other business developments or investment projects [10].