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Tencent buys back $193m in shares after US blacklist
Tencent Holdings Ltd. repurchased 3.93 million Hong Kong-listed shares on Tuesday, marking its largest buyback since April 2006.
The buyback, valued at HK$1.5 billion (US$193 million), underscores Tencent’s urgency to mitigate the potential impact of being added to a United States blacklist over alleged links to the Chinese military.
It follows a 7.3% drop in its stock price.
The tech company denied the allegations and expressed its intent to collaborate with the US Department of Defense to address what it calls a misunderstanding.
Recent Tencent developments
| Timeline |
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08-Jan-2025 📰 Tencent, SenseTime, CATL dispute US military designation
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07-Jan-2025 📉 Tencent, CATL shares drop after US military designation
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26-Dec-2024 💰 Tencent’s Tenpay, Ria boost global remittances via WeChat
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24-Dec-2024 🚀 Tencent-backed Chinese AI startup raises series B funding
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20-Dec-2024 🎁 Tencent shares up 3.5% after WeChat gifting feature update
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