{"id":46931,"date":"2024-02-01T15:13:27","date_gmt":"2024-02-01T20:13:27","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/tencent-leads-a-20-surge-in-hong-kong-buybacks-as-stocks-decline\/"},"modified":"2024-09-13T18:11:16","modified_gmt":"2024-09-13T22:11:16","slug":"tencent-leads-a-20-surge-in-hong-kong-buybacks-as-stocks-decline","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/tencent-leads-a-20-surge-in-hong-kong-buybacks-as-stocks-decline\/","title":{"rendered":"Tencent leads a 20% surge in Hong Kong buybacks as stocks decline"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0337bfbb5ba]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0337bfbb5ba'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Tencent leads a 20% surge in Hong Kong buybacks as stocks decline<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0337bfc111f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">February 1, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0337bfc2f2d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Li Zhao, Charting Specialist, Hua Bu, Content Analyst, and Julie Chien, M&amp;A\/IPO Analyst, contributed to this article. The original version appeared first on the Bloomberg Terminal.<\/em><\/p>\n<h2>Background<\/h2>\n<p>Stock buybacks are emerging as a last resort for Tencent Holdings Ltd. and other Chinese companies to stem losses in share prices as the Hang Seng Index extends its decline into a fifth year.<\/p>\n<p>Video game and web giant Tencent <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-04\/tencent-buybacks-hit-record-as-china-watchdog-roiled-markets\">repurchased a record HK$10 billion ($1.3 billion)<\/a> of its Hong Kong-listed shares in December and continued to accelerate buying into 2024. Across Hang Seng members, 709 buybacks were executed in 2023, 20% more than in 2022. Meanwhile, a long-short strategy targeting companies executing buybacks has returned about 20% over the past year.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore our index families.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7914886861332614447\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The issue<\/h2>\n<p>Tencent\u2019s stock has suffered since Chinese regulators imposed restrictions on in-game spending and a ban on rewards for frequent log-ins in December. The company has seen additional struggles in its Riot Games unit, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-22\/tencent-s-riot-games-to-lay-off-530-people-about-11-of-staff?sref=s4jM8V8F\">announcing layoffs<\/a> affecting 530 employees and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-25\/riot-games-shuts-down-effort-to-build-a-streaming-rival-to-twitch?sref=s4jM8V8F\">abandoning plans to build a Twitch rival<\/a>.<\/p>\n<p>Mentions of Hong Kong stock buybacks on the terminal, meanwhile, surged in the fourth quarter of 2023. The spikes tended to coincide with bottoms in the Hang Seng index as seen in March 2016, October 2018 and October 2022.<\/p>\n<p>Tencent led Hong Kong buybacks in 2023, spending more than $6 billion, but was far from the only company repurchasing stock. Hang Seng Index members including AIA Group Ltd., Xiaomi Corp., HSBC Holdings Plc and China Petroleum &amp; Chemical Corp. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-09\/hong-kong-firms-boost-stock-buybacks-amid-3-2-trillion-selloff?sref=s4jM8V8F\">spent $17 billion collectively on buybacks<\/a> last year. The momentum has continued into 2024, with total buybacks in the first six trading days exceeding the full-year value from 2020.<\/p>\n<p>The 1Y Share Buyback Long-Short factor has a total return of 20% over the past year and has achieved more than 110% over the past 10 years. The returns are calculated by going long on the 20% of companies with the biggest share buybacks and short on the 20% with the smallest.<\/p>\n<p>\u201cWith depressed valuation and corporates trying to demonstrate their financial ability, this buyback behavior will be more structural rather than cyclical,\u201d said Jason Lui, head of east Asia strategy at BNP Paribas.<\/p>\n<h2>Tracking<\/h2>\n<p>Use Bloomberg\u2019s new Buybacks function, at BBK, to assess a company\u2019s buyback strategy and run NT, CACT and FTW for further analysis. Run NSUB FFMSTORY to subscribe to functions-based stories.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"489\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"tencent\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/tencent.jpg 1151w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">For more information on this or other functionality on the Bloomberg Professional Service, <\/span><\/i><a href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"><i><span style=\"font-weight: 400\">request a demo<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> with a Bloomberg sales representative. 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its decline into a fifth year.<\/p>\n","protected":false},"author":1679,"featured_media":45556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453,444],"tags":[3698,3670,445],"series":[],"class_list":["post-46931","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-enterprise-tech-and-data","tag-functions-for-the-market","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tencent leads a 20% surge in Hong Kong buybacks as stocks decline | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Stock buybacks are emerging as a last resort for Tencent Holdings Ltd. and other Chinese companies to stem losses in share prices as the Hang 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