Chinese social media and gaming group Tencent has increased share repurchases to spend more than $3bn this year as the company’s stock price plumbs four-year lows.
The Shenzhen-based company has focused on returning cash to shareholders with its outlook dented by China’s sagging economy and President Xi Jinping’s crackdown on gaming.
The Chinese group increased its buyback outlays to about HK$600mn ($76mn) a day last week, a pace which if maintained could hit HK$90bn next year, on par with the buyback programme at rival Alibaba, according to estimates from analysts at Bernstein.
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