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Tencent Holdings Ltd 00700 Stock Quote

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Morningstar‘s Stock Analysis 00700

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China Game Approvals Hit New High; Tencent, NetEase, and CMGE Each Receive a New License

Ivan Su Senior Equity Analyst

Analyst Note

| Ivan Su |

The National Press and Publication Administration, or NPPA, issued 73 new game licenses on Sept. 13, marking the highest number of monthly approvals since its resumption in April. We are encouraged by the fact that all the Chinese gaming companies under our coverage (Tencent, NetEase, and CMGE) received one new license this month. We keep our fair value estimates and earnings forecasts unchanged, as we were already expecting the approval of new licenses to return this year, but sequential increases in monthly approval numbers should help improve investor sentiment. Our top pick in the online gaming sector is NetEase, for its strong portfolio of new and existing games.  

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Company Profile 00700

Business Description

Tencent is arguably the most influential internet firm in China as one can hardly go by a day without using its products. Tencent is the world's largest video game vendor and owns the world's top-grossing mobile game--Honor of Kings. Tencent also runs China's largest social media super app--WeChat. The app is now part of the fabric of life for Chinese people who use it to chat, shop, watch videos, play games, order food and taxis, and more. Equally as impressive as its own portfolio, Tencent is also among the world's largest venture capital and investment corporations. The firm is now one of the largest shareholders in leading tech companies like Meituan, JD, DiDi, Snap, PDD, Kuaishou, Epic Games, and more.

No. 33 Haitian 2nd Road, Tencent Binhai Towers
Shenzhen, 518054, China, People's Republic of
T +86 75586013388
Industry Internet Content & Information
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 110,715

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