Tencent bought back shares worth HK$551M on Aug, 28

Tencent bought back shares worth HK$551M on Aug, 28

On August 20, Tencent Holdings Limited (00700.HK) executed a share buyback, repurchasing 934,000 shares of common stock. The transaction, disclosed by the Hong Kong Exchange on August 21, involved a total of HKD 551 million. The repurchase price ranged from HKD 594 to HKD 586 per share [1].

This buyback is part of a broader share repurchase authorization passed by Tencent, which has seen a total of 40.267 million shares repurchased since the authorization, representing 0.438% of the issued shares [1].

Share buybacks are a common corporate strategy aimed at reducing the number of shares outstanding, which can increase the value of remaining shares by making them scarcer. This can also provide a signal to the market about the company's confidence in its future prospects.

Tencent's buyback comes amidst a broader trend of share repurchases among listed companies in Hong Kong. Other notable repurchases include HSBC Holdings (00005.HK), which repurchased 1.4516 million ordinary shares on August 19, and CATL (03750.HK), which repurchased 747,900 A shares on August 20 [1].

References:
[1] https://news.futunn.com/en/post/60904235/on-august-20-share-buybacks-occurred-tencent-holdings-hsbc-holdings