, Columnist
Tencent’s Worst Investment Has Been Its Own Shares
The internet giant has lost an annualized 85 percent over the course of its six-week-long buyback adventure.
Tencent is its own worst enemy.
Photographer: Qilai Shen/Bloomberg
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Catching a falling knife.
That’s how I’d describe Tencent Holdings Ltd.’s strategy to buy back its own shares over the past six weeks. The adventure started off on Sept. 7 with a minor purchase of 22,700 shares at HK$311.50 apiece. By Thursday morning the stock was down , , 15 percent.