Executive high position Tencent meets the inflection point?
Source: Internet
Author: User
Trainee reporter Cheng Jurong shenzhen report
The return of a shares only to hear the sound of Tencent Holdings (0700.HK), but in the Hong Kong market ahead of the "abnormal move."
Disclosure of the rights and interests of HKEx, May 26, the Chairman of Tencent Board of directors Ma Hua 300,000 shares in the average price per share of HK $67.24, MA is now more than HK $20.172 million, its shareholding from the previous 12.71% micro to 12.7%.
It is worth noting that this is a short period of less than half a month, Tencent's third executive to reduce the cash. May 15, 16th two days, Tencent chief technology officer and Executive director Zhang Zhidong two selling a total of 1.5 million shares of the company, reducing the proportion of 0.03%, set now more than 100 million Hong Kong dollars. Closely followed is Tencent President Lau, who sold a total of 350,000 shares in May 22 and 23rd, and is now over HK $22 million. As a result, three executives accumulated a total of HK $140 million.
This is Tencent's rare large-scale focus in recent years, since the second half of 2007 Tencent shares over the 50 Hong Kong Dollar high, its senior executives each reduction in general also only around tens of thousands of shares.
On the focus of Tencent's executives, the market is quite consistent that Tencent's share price has arrived at a staged high--as of June 3, with Tencent's shares closing at HK $71, the highest price since its IPO, at HK $72.8, which is over 80 times times earnings.
"Executive reduction is purely personal and has nothing to do with corporate strategy." "June 3, Tencent Securities sector people responded to this. For "The concentration of the executive to reduce the value of the company to determine the future" question, the other side said "inconvenient comment."
With this corresponding level two market, Tencent since the late May volume increased significantly. May 30, according to the relevant provisions of the Hong Kong exchange, Tencent performance notice said, "Do not know any cause of the rise in turnover." ”
A stage inflection point?
One big backdrop for the "centralized" reduction of senior executives was the announcement by the Hong Kong Hang Seng Index Company on May 9 that it would include Tencent Holdings in the Hang Seng shares, which surged 8% per cent and closed at HK $62.65 in the second trading day.
As a result, Tencent's share price began to climb after a phased retreat. May 14, Tencent released the first quarter of this year, to achieve net profit of 534.4 million yuan, an increase of 84.2%, which further stimulated its share price soared. Tencent's share price rose more than 23% in just half a month.
In response, Credit Suisse, Goldman Sachs, Citigroup and other investment banks have given the ratings to maintain Tencent overweight, but in the market in the same time, from Zhang Zhidong began, Tencent three senior executives began to reduce the number.
Are the founders and executives thinking that the value of the company has been fully embodied? Or are you worried about whether Tencent can sustain high growth in the future? Behind the sale of senior executives, market questions ensued.
"I personally think this should be an ordinary personal behavior." "June 2, JPMorgan internet analyst Wei told reporters that this is not necessarily related to the future growth of Tencent." But is there any doubt that Tencent is over 80 times times earnings? He declined to comment on the matter.
In contrast, there is another representative voice on the market. June 2, Analysys International CEO Yu to reporters that experience the business plate after the launch of the Tencent, its development has been faced with a phased inflection point, "in the future for quite some time, should not appear blowout-type performance growth."
This may be a more logical explanation for the market's speculation that Tencent executives are "concentrating" on their motives for reducing their holdings. After all, such a high density of cash has been a rarity since Tencent's listing.
In Yu's view, supporting the rapid growth of Tencent's past performance, it is the new business sector of the wheel operating mode. From instant messaging to mobile value-added, from QQ communities to online games, from search engines to E-commerce, the launch of every new business will pull Tencent's share price soaring. Similar to Tencent, the Nasdaq-listed Baidu (Nasdaq:bidu) is also in this business plate rotation, to achieve the steady growth of share prices.
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