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Research Report

02/12/2020 15:13

{I-bank focus}Daiwa cuts Tencent Holdings (00700) to HK$700

[ET Net News Agency, 2 December 2020] Daiwa Research cut its target price for Tencent
Holdings (00700) to HK$700 from HK$710 to reflect the de-rating of Fintech business and
reiterated its "buy" rating.
The research house cited Tencent's management on an investor teleconference expecting
limited from China's antitrust regulations to the company's long-term strategy, although
extra regulatory considerations will be required for the M&A deals involving offshore
variable interest entities (VIEs).
As authorities try to promote a fair and competitive environment for industry players,
Daiwa believes this could open up new business opportunities for Tencent in the future. It
also views the recent merger of Huya and Douyu as less likely to be considered as a
monopolistic practice by authorities in the face of ongoing competition with short-video
platforms in China. (KL)

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