Tencent Makes Biggest Buyback Since 2006 After US Blacklist
- The WeChat operator is sending a signal to the markets
- Tencent has shed about a 10th of value since blacklisting
Tencent Holdings Ltd. headquarters in Shenzhen.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Tencent Holdings Ltd. repurchased the most shares in nearly two decades after a selloff sparked by the tech firm’s addition 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, Bloomberg-compiled data show. It topped that just a day later, scooping up another 4.05 million shares. The stock is now down about a 10th since the Pentagon blacklisted the WeChat operator. Tencent said it will work with the Department of Defense to address any misunderstanding.