Tencent shares fell 1.15% in Hong Kong on June 23, pushing the company’s market value below HK$4 trillion (US$510 billion). The decline followed five straight days of losses. Since the start of 2026, Tencent shares have fallen 27.72%.

Recent pressure has coincided with investor concern about Tencent’s AI push after management said 2026 spending on its Hunyuan model and Yuanbao assistant would more than double to over 36 billion yuan (US$5.31 billion).

It also said share buybacks would be scaled back, even as first-quarter revenue rose 9% year on year but missed analyst estimates.

Analyst sentiment remained firm. Of the 47 analysts tracked by London Stock Exchange Group, 43 rate Tencent stock a buy or strong buy.

Forecasts cited by IG still point to marketing services and gaming supporting earnings.

🔗 Source: Yicai

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