Tencent Holdings repurchased the most number of shares in nearly two decades after the tech firm was added to a US blacklist for alleged links to the Chinese military.
China’s most valuable company bought back 3.93 million Hong Kong-listed shares on Tuesday, the most since April 2006, data shows.
The stock fell 7.3% to the lowest in over three months even as the social media giant denied the allegations. The company will work with the department of defence to address any misunderstanding.
Tencent has stepped up efforts to increase returns to shareholders, though the HK$1.5-billion (R3.7-billion) purchase on Tuesday signals urgency to contain the fallout from the blacklist.
Investors in mainland China snapped up HK$14-billion worth of Tencent shares via the links with Hong Kong on Tuesday, making it the most purchased stock on the day. — Charlotte Yang, with Julie Chien and April Ma, (c) 2025 Bloomberg LP
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