Reported 1 day ago
Tencent Holdings Ltd. executed its largest share buyback in nearly two decades, repurchasing 3.93 million shares following a selloff triggered by its inclusion on a US blacklist over alleged ties to the Chinese military. Despite a 7.3% drop in stock price on the announcement day, Tencent emphasized the irrationality of the market's reaction and plans to collaborate with the US Department of Defense to clear misunderstandings. This significant investment, amounting to HK$1.5 billion (approximately $193 million), represents an urgent move to mitigate the impact of the blacklist.
Source: YAHOO