Tencent Holdings Limited (0700.HK): The Renaissance of the Titan

Comprehensive Equity Research Report#

Date: December 6, 2025 Subject: Tencent Holdings Limited (HKEX: 0700 | OTC: TCEHY) Sector: Communication Services | Interactive Media & Services Report Type: Deep Dive Initiation / Long-Term Value Analysis

1. Executive Summary: The Structural Pivot to High-Quality Growth#

Tencent Holdings Limited, the undisputed architect of China's digital social infrastructure, stands at a defining inflection point in its corporate history as of late 2025. Following a half-decade characterized by regulatory turbulence, macroeconomic deceleration, and intense competitive incursions from short-form video rivals, the conglomerate has successfully executed a strategic metamorphosis. The company has shifted its operational philosophy from "growth at all costs"-a hallmark of the mobile internet boom era-to "high-quality, sustainable growth." This pivot is not merely rhetorical; it is visibly imprinted on the financial statements, evidenced by a distinct decoupling of profit growth from revenue expansion, driven by profound operating leverage and the shedding of low-margin revenue streams.

The investment thesis for Tencent in 2025 rests on a tripod of structural improvements. First, the core gaming division has entered a renaissance period. While domestic markets remain mature, the international games segment has exploded, growing 43% year-over-year in the third quarter of 2025, fueled by the revitalization of Supercell's portfolio and the successful launch of new evergreen candidates like Delta Force. This diversification effectively hedges the company against the regulatory idiosyncrasies of the domestic market. Second, the integration of Artificial Intelligence (AI) has moved beyond pilot phases into aggressive monetization. The deployment of the Hunyuan foundation model within the advertising technology stack has catalyzed a 21% surge in Marketing Services revenue, outpacing the broader Chinese digital ad market and creating a new, high-margin growth engine. Third, the company's capital allocation has aligned strictly with shareholder interests. With a pristine balance sheet boasting a net cash position of RMB 102.4 billion, management has accelerated share repurchases to an annualized pace exceeding HKD 100 billion, effectively retiring equity at valuations that imply a deep discount to intrinsic value.

However, the market continues to price Tencent through a lens of skepticism, assigning it a valuation multiple significantly below its historical average and its global peers. This disparity stems from a lingering "China risk premium" and memories of the 2021 regulatory crackdown. This report argues that the market is mispricing the durability of Tencent's economic moat-specifically the network effects of WeChat (Weixin)-and the longevity of its gaming franchises. By applying a rigorous "Owner Earnings" analysis favored by Warren Buffett, and stressing the valuation through conservative Discounted Cash Flow (DCF) models, we find a compelling margin of safety. Tencent is no longer just a proxy for Chinese growth; it is a diversified, cash-generative utility with embedded call options on the AI industrial revolution.

2. Latest Quarter Earnings Analysis: Q3 2025#

2.1 Headline Performance: Accelerating Momentum#

Tencent released its unaudited consolidated results for the third quarter ended September 30, 2025, on November 13, 2025. The results offered a definitive rebuttal to the bearish narrative of stagnation. Total revenues climbed to RMB 192.9 billion ($27.1 billion USD), representing a robust 15% year-on-year increase. While the top-line growth signals a return to form, the profitability metrics revealed the true efficacy of the company's efficiency initiatives. Gross profit surged 22% year-over-year to RMB 108.8 billion, outpacing revenue growth significantly. This expansion was driven by a structural mix shift toward higher-quality revenue streams, particularly the "Video Accounts" advertising and Mini Game platform fees, which carry significantly lower bandwidth and content costs compared to legacy businesses like long-form video streaming.

Operating profit on a non-IFRS basis-which excludes share-based compensation and M&A impacts to reflect core business performance-rose 18% to RMB 72.6 billion. Consequently, the non-IFRS operating margin expanded to 38%, up from 37% in the prior year, illustrating the company's ability to squeeze more profit from every dollar of revenue. Net profit attributable to equity holders (Non-IFRS) tracked this trajectory closely, rising 19% to RMB 70.6 billion. These figures beat analyst consensus, underscoring that the market had underestimated the magnitude of operating leverage inherent in Tencent's platform model.

2.2 Segment Deep Dive: The Engines of Growth#

Value-Added Services (VAS): The Gaming Renaissance#

The VAS segment, traditionally the company's cash cow, delivered revenue of RMB 95.9 billion, up 16% year-on-year. The narrative here is bifurcated but universally positive. Domestic Games revenue grew 15% to RMB 42.8 billion, a significant acceleration from previous quarters. This growth was not accidental but the result of a deliberate strategy to extend the lifecycle of flagship titles. Honour of Kings and Peacekeeper Elite, despite their age, continued to grow, proving their status as "evergreen" franchises. Furthermore, the contribution from new titles such as Delta Force and the mobile adaptation of VALORANT provided fresh impetus to the domestic portfolio.

However, the standout performer was International Games, which saw revenues soar by 43% (or 42% in constant currency) to RMB 20.8 billion. This explosive growth was driven by a resurgence in Supercell's titles, particularly Brawl Stars, and the robust performance of PUBG MOBILE. The success of Dying Light: The Beast also contributed, with revenue recognition mechanics (upfront recognition on copy sales) providing a one-time boost. This segment's performance validates Tencent's long-term strategy of acquiring global studios and granting them autonomy while leveraging Tencent's "Games as a Service" (GaaS) expertise to monetize users.

Marketing Services: The AI Dividend#

Formerly reported as "Online Advertising," the rebranded Marketing Services segment generated RMB 36.2 billion in revenue, up 21% year-on-year. This segment outperformed the broader macroeconomic environment, a feat management attributed directly to technological upgrades. The deployment of the Hunyuan AI model enhanced ad targeting precision, allowing for higher effective cost per mille (eCPM) and click-through rates. Advertisers are increasingly utilizing the Weixin ecosystem's "closed loop"-where ads lead directly to Mini Programs for transaction completion-allowing for precise return on ad spend (ROAS) attribution. Advertising spending increased across all major categories, including games and e-commerce, signaling a stabilization in advertiser sentiment.

FinTech and Business Services (FBS): Rationalizing for Profit#

Revenue from FinTech and Business Services grew 10% to RMB 58.2 billion. While this represents a deceleration compared to the hyper-growth years, the quality of this revenue has improved markedly. FinTech services grew in the high single digits, supported by commercial payments and consumer loans, though tempered by cautious consumer spending patterns in China. Business Services (Cloud) grew at a "teens" percentage rate, driven by enterprise demand for AI-related cloud compute. Crucially, Tencent has ceased pursuing low-margin cloud integration projects, focusing instead on standardized PaaS and SaaS offerings. This discipline has significantly lifted the gross margin profile of the FBS segment.

2.3 Balance Sheet and Capital Allocation#

Tencent ended the quarter with a fortress balance sheet. Total cash stood at RMB 493.3 billion, and the net cash position (cash minus interest-bearing debt) was RMB 102.4 billion, up 7% year-on-year. Free cash flow was RMB 58.5 billion, flat year-over-year due to timing differences in payments, but remains ample to fund shareholder returns. In Q3 2025 alone, the company repurchased approximately 35.4 million shares for HKD 21.1 billion, continuing an aggressive buyback program intended to offset dilution from employee share incentives and return excess capital to owners.

3. Background Research: The Anatomy of a Digital Empire#

3.1 Business Model: The Super App Ecosystem#

Tencent's business model is best understood not as a collection of products, but as a digital utility company that levies taxes on the attention and transactions of the Chinese population. The foundation of this empire is Weixin (WeChat), which reported 1.414 billion combined monthly active users (MAU) as of September 2025.

WeChat is the "Super App"-an operating system within an operating system. It integrates messaging, social networking (Moments), entertainment (Video Accounts), payments (Weixin Pay), and commerce (Mini Programs). The Economic Moat created by WeChat is extremely wide and stems from powerful Network Effects and High Switching Costs. For a user to leave WeChat is to socially and economically isolate themselves in modern China. This ubiquity allows Tencent to act as a "toll bridge" for the digital economy.

• Income Sources:

  • Virtual Goods Tax: In games and social apps, users buy skins, avatars, and subscriptions. Tencent collects 100% of revenue from proprietary games and a ~30-50% cut from third-party games on its platform.

  • Transaction Tax: Every time a user pays for coffee, a taxi, or utilities via Weixin Pay, Tencent collects a small fee.

  • Attention Tax: Advertisers pay to access the eyeballs in Moments, Official Accounts, and Video Accounts.

  • Infrastructure Rent: Enterprises pay for Tencent Cloud servers and AI compute to run their businesses.

3.2 Headwinds and Risks#

Despite its dominance, Tencent navigates a treacherous landscape.

• Regulatory Risk: This remains the primary overhang. The "rectification" campaign of 2020-2023 fundamentally altered the sector's risk profile. While the environment has stabilized into "normalized regulation," surprises still occur. For instance, draft rules proposed in late 2023 regarding gaming spend limits caused a temporary crash, highlighting the market's fragility.

• Macroeconomic Dependency: Tencent's FinTech and Advertising businesses are highly correlated with China's GDP and consumer confidence. A prolonged property crisis or consumption slowdown directly impacts payment volumes and ad budgets.

• Geopolitical Tech War: U.S. export controls on high-performance GPUs (like NVIDIA's H100) pose a long-term risk to Tencent's AI ambitions. While the company has stockpiled chips and is prioritizing them for internal training , future model training may be constrained by hardware availability compared to U.S. peers.

• Competitive Intensity: ByteDance (Douyin/TikTok) remains a formidable rival, competing for user time and ad dollars. Although Tencent's Video Accounts have successfully blunted ByteDance's momentum, the war for attention is perpetual.

3.3 Cost Structure and Operating Leverage#

Tencent's cost structure is characterized by high fixed costs (R&D, server depreciation, content licensing) and variable costs tied to revenue sharing.

• Fixed Costs: The company employs over 100,000 people, with a heavy concentration in R&D. These costs are relatively sticky.

• Variable Costs: Transaction costs for payments (bank fees) and distribution costs for games (channel fees) scale with revenue.

• Analysis: The company is currently enjoying a period of pronounced operating leverage. As revenue from high-margin sources like Video Account ads (which have low incremental content costs compared to licensed drama series) grows, it drops almost entirely to the bottom line. This explains why Gross Profit (+22%) is growing faster than Revenue (+15%).

3.4 Management Team and Governance#

• Pony Ma (Ma Huateng): As Co-Founder, Chairman, and CEO, Pony Ma is the visionary architect of Tencent. He is known for his low-key demeanor and product-centric focus ("product manager in chief"). He owns a significant stake (~8.6%), ensuring high alignment with shareholders. His recent focus has been on internal efficiency and combatting "big company disease".

• Martin Lau (Chi Ping Lau): As President, Lau is the strategic executor and the face of the company to Wall Street. He orchestrated Tencent's strategy of taking minority stakes in hundreds of tech companies (the "investment empire" model). He is widely respected for his capital allocation discipline.

• Performance & Alignment: The management team has demonstrated exceptional rationality. In response to the market undervaluation, they unleashed a massive buyback program and distributed shares of investee companies (JD.com, Meituan) as special dividends, efficiently returning value while satisfying anti-monopoly concerns. The recent dismissal of over 120 employees for fraud underscores a zero-tolerance policy toward corruption.

3.5 Shareholder Structure and Buyback History#

• Naspers / Prosus: The South African media group (via its Dutch spin-off Prosus) remains the largest shareholder, holding approximately 25%. Their open-ended program to sell Tencent shares to fund their own buybacks creates a structural supply overhang. However, Tencent's own buyback program (approx. HKD 100B/year) effectively absorbs this supply, neutralizing the liquidity impact.

• Value Investor History: Tencent has historically been a favorite of emerging market value investors. Funds like Baillie Gifford and First Eagle have held stakes. Notably, Mohnish Pabrai has tracked the company, often using it as a proxy for the Chinese consumer, though his 2025 filings show a rotation toward energy and materials, suggesting a portfolio reallocation rather than a fundamental dismissal of the thesis.

4. Comprehensive Financial Research (10-Year History)#

To understand Tencent's trajectory, we must analyze the data across distinct eras: the Hyper-Growth Era (2015-2017), the Consolidation & Regulation Era (2018-2022), and the Quality Growth Era (2023-2025). The following analysis synthesizes data from annual reports and 2025 quarterly filings to present a 10-year view of 38 key metrics.

4.1 Ten-Year Metric History (2016-2025 TTM)#

Note: Data for 2025 represents Trailing Twelve Months (TTM) or annualized estimates based on Q1-Q3 2025 data to provide a comparable full-year picture.

Valuation Metrics#

Insight: The valuation compression from 2020 to 2024 is stark. P/E collapsed from ~40x to ~14x during the crackdown. The recovery to ~25x in 2025 reflects the market pricing in the resumption of growth, yet it remains below the historical mean of ~30x.

Profitability & Efficiency Metrics#

Insight: The Gross Margin trajectory is the most critical story here. It compressed steadily from 2016 to 2022 as Tencent invested in lower-margin cloud and payment infrastructure. The sharp rebound from 43% in 2022 to 56% in 2025 confirms the success of the "High Quality Growth" strategy, driven by the exit from subsidized contracts and the rise of high-margin Video Accounts.

Balance Sheet & Cash Flow Metrics#

Insight: The balance sheet has expanded massively, quintupling in assets over the decade. Despite this, leverage has remained conservative. The drop in ROE in 2022/2023 was driven by asset write-downs during the tech winter, but 2025 sees a recovery to the ~20% range, a gold standard for mega-cap tech.

5. Warren Buffett Investment Standard Analysis#

Warren Buffett's investment philosophy seeks companies with understandable businesses, durable moats, honest management, and favorable valuations. Applying this framework to Tencent in 2025 yields the following analysis:

5.1 The Four Tenets Analysis#

1. The Business Tenet (Simple and Understandable?)

• Verdict: PASS. While Tencent is a sprawling conglomerate, its core is elegantly simple: it connects people (WeChat), entertains them (Games), and facilitates their economic lives (Payments). It is a toll-road operator for the Chinese digital economy.

• Buffett Metric: High Gross Margins. Tencent's recent expansion to 56% gross margins indicates a business with pricing power and low marginal costs of replication.

2. The Management Tenet (Rational & Honest?)

• Verdict: PASS. Pony Ma and Martin Lau have exhibited classic Buffett-style rationality.

  • Capital Allocation: Instead of hoarding cash or making ego-driven acquisitions at market peaks, they have returned capital via buybacks and, uniquely, by distributing shares of investees (JD.com, Meituan) directly to shareholders. This avoided capital gains tax at the corporate level and unlocked value for owners.

  • Candor: Management has been bluntly honest about internal challenges, with Pony Ma describing internal corruption as "shocking" in 2024, leading to a rigorous cleanup.

3. The Financial Tenet (High ROE & Profit Margins?)

• Verdict: PASS.

  • ROE: Consistently above 20% (excepting the 2023 trough). This indicates that the company efficiently compounds retained earnings.

  • Owner Earnings: The company generates massive free cash flow that exceeds reported earnings in many years due to the heavy non-cash nature of depreciation on servers that have longer useful lives than accounting standards suggest.

4. The Market Tenet (Available at a Discount?)

• Verdict: PASS. Trading at ~19x forward earnings with double-digit growth and a monopoly-like position constitutes a "fair price for a wonderful business," if not a bargain price.

5.2 Owner Earnings Calculation#

Buffett prefers "Owner Earnings" over reported Net Income. The formula is: $$ \text{Owner Earnings} = \text{Net Income} + \text{D&A} \pm \text{Non-Cash Items} - \text{Maintenance CapEx} $$

Using 2025 TTM Estimates:

• Net Income (Non-IFRS): RMB 225.0 Billion (Adjusted for SBC and impairments).

• Depreciation & Amortization (D&A): RMB 60.0 Billion. (Significant due to servers/software).

• Maintenance CapEx: The differentiation between Growth and Maintenance CapEx is crucial. Tencent's total CapEx in 2025 is estimated around RMB 80-90 Billion, driven by AI GPU purchases. We estimate roughly 60% of this is "Growth" (AI infrastructure) and 40% is "Maintenance" (server replacement).

  • Maintenance CapEx Estimate: RMB 36.0 Billion.

  • Changes in Working Capital: Neutral (Business model has negative working capital dynamics).

This figure ($~35 Billion USD) confirms the immense cash-generating power of the business, exceeding reported accounting profits when adjusted for the growth nature of their CapEx.

6. Valuation: Discounted Cash Flow (DCF) Analysis#

To derive the intrinsic value, we employ a 5-Year Free Cash Flow to Firm (FCFF) model. Given the geopolitical risks, we use a conservative discount rate.

Key Assumptions:

• WACC (Discount Rate): 10.0%. While the mathematical WACC (Cost of Equity) might be lower (~8.3%) , a 10% rate creates a buffer for China-specific regulatory and geopolitical risks.

• Terminal Growth Rate: 3.0%. Aligned with long-term Chinese GDP expectations.

• Tax Rate: 18% (Standard preferential tech rate).

• Margin of Safety: 25% discount applied to the final Intrinsic Value.

6.1 DCF Scenarios#

6.2 Base Case Analysis#

In the Nominal scenario, we assume Tencent grows revenue at 12% annually (fueled by International Games and AI advertising) and maintains a 30% FCF margin.

• Year 1-5 FCF Sum (PV): ~RMB 1.1 Trillion.

• Terminal Value (PV): ~RMB 3.9 Trillion.

• Total Enterprise Value: ~RMB 5.0 Trillion.

• Add Net Cash: ~RMB 102 Billion.

• Equity Value: ~RMB 5.1 Trillion.

• Share Count: ~9.26 Billion.

• Implied Share Price: ~HKD 790.

Conclusion: With the stock trading around HKD 610, it is trading at a 22% discount to the Base Case Intrinsic Value and is essentially priced near the "Buy Price" inclusive of a 25% margin of safety. This suggests limited downside risk barring a catastrophic regulatory event, with significant upside if the "Optimistic" AI scenario materializes.

7. Conclusion#

Tencent Holdings has successfully navigated the "Valley of Tears"-the regulatory crackdown and economic slowdown of the early 2020s-and emerged as a leaner, more profitable, and strategically focused enterprise. The 2025 financial results demonstrate that the company is no longer reliant on the "brute force" growth of user acquisition, but is instead mining deep veins of efficiency and innovation within its existing ecosystem.

The renaissance in International Gaming provides a critical growth vector that is insulated from domestic policy, while the integration of AI into Marketing Services is driving margins to historic highs. Financially, the company passes every strict test of the Warren Buffett framework: it possesses a widening moat, rational management, high returns on capital, and is available at a discount to intrinsic value.

For the long-term investor, Tencent represents a rare opportunity to acquire a monopoly-tier asset at a utility-tier valuation. The aggressive share buybacks serve as a catalyst to close the valuation gap. We rate Tencent Holdings a LONG-TERM BUY with a Base Case target of HKD 790.

Appendix A: Interactive Reports & Scripts#

To enable further analysis, the following Python script allows investors to generate interactive charts visualizing the 10-year financial trends and perform custom sensitivity analysis on the DCF model.

import pandas as pd import plotly.graph_objects as go import plotly.io as pio

# --- Data Preparation (2016-2025 Estimates) --- years = ['2016', '2017', '2018', '2019', '2020', '2021', '2022', '2023', '2024', '2025 (Est)'] revenue = [151.9, 237.8, 312.7, 377.3, 482.1, 560.1, 554.6, 609.0, 660.3, 745.0] gross_margin = fcf = [55.0, 90.0, 83.0, 105.0, 125.0, 135.0, 88.0, 162.0, 173.0, 190.0]

df_fin = pd.DataFrame({ 'Year': years, 'Revenue (RMB B)': revenue, 'Gross Margin (%)': gross_margin, 'FCF (RMB B)': fcf })

# --- Chart 1: Revenue vs. Free Cash Flow --- fig1 = go.Figure() fig1.add_trace(go.Bar(x=df_fin, y=df_fin, name='Revenue', marker_color='#0052D4')) fig1.add_trace(go.Scatter(x=df_fin, y=df_fin, name='Free Cash Flow', mode='lines+markers', line=dict(color='#00C9FF', width=3))) fig1.update_layout(title='Tencent: The Decoupling of Cash Flow and Revenue', template='plotly_white')

# --- Chart 2: The Margin V-Shape Recovery --- fig2 = go.Figure() fig2.add_trace(go.Scatter(x=df_fin, y=df_fin['Gross Margin (%)'], name='Gross Margin %', line=dict(color='#FF4B2B', width=4), mode='lines+markers')) fig2.update_layout(title='Profitability Analysis: The Return to Peak Margins', yaxis_title='Percentage (%)', template='plotly_white', yaxis=dict(range=))

# --- Save to HTML --- with open("Tencent_2025_Deep_Dive.html", "w") as f: f.write("<h1>Tencent Holdings 2025 Financial Analysis</h1>") f.write(fig1.to_html(full_html=False, include_plotlyjs='cdn')) f.write(fig2.to_html(full_html=False, include_plotlyjs='cdn'))

print("Interactive Report Generated.")

Thumbnail Descriptions (16:9)#

1. Summary Image (English)

   • Visual: A split composition. Left side features a stylized, golden WeChat logo transforming into a digital bank vault. Right side shows a rising stock chart overlaid with the text "QUALITY GROWTH ERA."

   • Text: "TENCENT 2025: Gaming Renaissance + AI Margins = Strong Buy."

   • Metrics: "Rev +15%", "Gross Margin 56%", "HKD 100B Buyback".

2. Summary Image (Chinese)

   • Visual: The Tencent "Penguin" mascot wearing futuristic VR gear (representing gaming/AI), standing atop a fortress wall (representing the balance sheet).

   • Text: "腾讯控股 (0700.HK): 王者归来 (The King Returns)."

   • Metrics: "净利大增 (Net Profit Surge)", "AI 引擎 (AI Engine)", "估值修复 (Valuation Repair)."

Works cited#

1. TENCENT ANNOUNCES 2025 THIRD QUARTER RESULTS - PR Newswire, https://www.prnewswire.com/apac/news-releases/tencent-announces-2025-third-quarter-results-302614403.html 2. TENCENT ANNOUNCES 2025 THIRD QUARTER RESULTS - Solid Revenue Growth with Continued Operating Leverage AI Investments Contributing to Business Growth and Efficiency Enhancement, https://static.www.tencent.com/uploads/2025/11/13/a33b6f19738615834787623f17d20ba3.pdf 3. Tencent Holdings Limited (TCEHY) Q3 2025 Earnings Call ..., https://seekingalpha.com/article/4843429-tencent-holdings-limited-tcehy-q3-2025-earnings-call-transcript 4. 2024 Fourth Quarter and Annual Results Presentation, https://static.www.tencent.com/uploads/2025/03/19/f55938d61be94cf9700a971a4db08809.pdf 5. TENCENT ANNOUNCES 2024 THIRD QUARTER RESULTS - PR Newswire, https://www.prnewswire.com/apac/news-releases/tencent-announces-2024-third-quarter-results-302303956.html 6. New Chinese Online Gaming Regulations Send Tencent, NetEase, and Other Gaming Stocks Crashing | TechPowerUp, https://www.techpowerup.com/316983/new-chinese-online-gaming-regulations-send-tencent-netease-and-other-gaming-stocks-crashing?cp=2 7. China considers revising gaming rules after tech giants lose billions - Al Jazeera, https://www.aljazeera.com/news/2023/12/23/china-considers-revising-gaming-rules-after-tech-giants-lose-billions 8. Tencent Earnings Call: Full-year actual capital expenditure for 2025 will be below guidance, GPU reserves are sufficient for internal use, and WeChat will eventually launch an AI agent., https://news.futunn.com/en/post/64882710/tencent-earnings-call-full-year-actual-capital-expenditure-for-2025 9. Variable Cost: What It Is and How to Calculate It - Investopedia, https://www.investopedia.com/terms/v/variablecost.asp 10. The difference between fixed and variable costs - Mercury, https://mercury.com/blog/fixed-variable-costs-differences 11. Our team - Tencent, https://www.tencent.net.cn/who-we-are/our-team/ 12. Tencent - Wikipedia, https://en.wikipedia.org/wiki/Tencent 13. TENCENT HLDGS UNSP/ADR (TCEHY) Q3 2022 Earnings Call Transcript | The Motley Fool, https://www.fool.com/earnings/call-transcripts/2022/11/16/tencent-hldgs-unspadr-tcehy-q3-2022-earnings-call/ 14. Tencent strengthens anti-fraud investigations, dismissing over 120 employees for misconduct - Global Times, https://www.globaltimes.cn/page/202402/1306646.shtml 15. Who Owns Tencent Holdings? 0700 Shareholders - Investing.com, https://www.investing.com/equities/tencent-holdings-hk-ownership 16. Mohnish Pabrai Portfolio 2025: Dalal Street's Q2 Concentrated Old Economy Bets - Gainify, https://www.gainify.io/blog/mohnish-pabrai-portfolio 17. Tencent Holdings Ltd Key Metrics, Performance & Growth | Morningstar Asia, https://global.morningstar.com/en-ea/investments/stocks/0P00009S22/key-metrics?exchange=XHKG&ticker=00700 18. China's Tencent fires more than 100 for fraud, embezzlement - HR News, https://hr.economictimes.indiatimes.com/news/industry/chinas-tencent-fires-more-than-100-for-fraud-embezzlement/97141006 19. Tencent Earnings: Accelerated Growth, Stepped-Up AI Bets | Morningstar, https://www.morningstar.com/stocks/tencent-earnings-accelerated-growth-stepped-up-ai-bets 20. WACC For Tencent Holdings Ltd DRC (TCEHY) - Finbox, https://finbox.com/TCEHY/explorer/wacc