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Tencent Holdings Limited

Today’s Key News Recap

NVDA

09618

89618

00700

80700

TCTZF

TCEHY

HTCD

02423

BEKE

OpenAI

DXYZ

09888

89888

HBUD

BIDU

02525

HSAI

ORCL

HJDD

ORCL-D

0519 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced on social media that, at the request of leaders of Qatar, Saudi Arabia and the UAE, the planned strike on Iran set for the 19th has been postponed. He said the US and Iran are in 'serious talks', while the three Gulf states fear an escalation could hit their own energy infrastructure. He also stressed that US forces remain on alert, warning that if talks collapse, a full-scale offensive would follow.This move keeps a window open for diplomacy while applying military pressure on Tehran. In the near term, it eases risks around Middle East oil prices and shipping, supporting global energy markets and risk appetite. Over the longer run, US-Iran rifts are unlikely to be resolved...

NVIDIA

JD-SW

JD-SWR

JD.com

TENCENT

TENCENT-R

Tencent

Tencent HK SDR 10to1

BEKE-W

Destiny Tech100

BIDU-SW

BIDU-SWR

Baidu HK SDR 10to1

Baidu

HESAI-W

Hesai

Oracle

JD HK SDR 10to1

ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D

JD 618 Kicks Off Low-Price Deals; Tencent Speeds Up AI Monetization | Daily News Recap

SPCX

09868

XPEV

02015

SpaceX

01810

81810

HXXD

XIACY

0518 | Dolphin Research Focus: Macro/Industry. NBS data show Jan–Apr retail sales at RMB 16.49tn (+1.9% YoY).Apr alone was RMB 3.72tn, up just 0.2% YoY. Ex-auto retail rose 3.1% YoY, online retail +6.6%, and restaurant revenue +3.8%.The recovery remains weak, with Apr growth nearly stalling. Auto demand dragged and consumer confidence stayed soft, while online and services held up better, highlighting a clear divergence...

SPAC & New Issue ETF

XPENG-W

XPeng

LI AUTO-W

Li Auto

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

Xiaomi YU7 GT launches Thu; Li Auto L9 misses ests., shares plunge | Daily News Recap

00992

LNVGY

80992

09988

89988

BABA

HBBD

09866

AMAT

03750

HCCD

300750

0514 | Dolphin Research Focus: 🐬 Macro/Industry 1) This morning, China's top leader held a face-to-face meeting with U.S. President Trump, covering trade, tech cooperation, global governance and bilateral ties. It signaled a thaw in top-level engagement. 2) According to foreign media, the U.S. eased chip export curbs, allowing 10 Chinese tech firms — including Alibaba, ByteDance, Tencent and JD — to procure Nvidia's H200 high-end AI chips. Distributors such as Lenovo and Foxconn also received purchase approvals, pointing to a marginal relaxation of export restrictions on advanced AI chips...

LENOVO GROUP

Lenovo Group

LENOVO GROUP-R

BABA-W

BABA-WR

Alibaba

Alibaba HK SDR 5to1

NIO-SW

NIO Inc. USD OV

NIO Inc

Applied Materials

CATL

CATL HK SDR 30to1

Hon Hai Precision Industry Co., Ltd.

NVIDIA Corporation

NVDA H200 curbs show fresh signs of easing; XPEV eyes EU vehicle manufacturing | Daily News Recap

Conference Minutes

01698

Below is Dolphin Research's Trans of $TENCENT(00700.HK) FY26 Q1 earnings call. For our post-results take, see 'Tencent: No Longer Resting on Past Laurels; AI Is the Way Forward'.I. Core highlights from the results. Key points are summarized below.1) Shareholder returns: Q1 buybacks totaled approx. RMB 7.9bn. Management believes the stock is undervalued, is accelerating monetization of the investment portfolio to fund continued buybacks through the year, and sees now as a particularly attractive window for repurchases.2) Outlook: CapEx is expected to increase materially vs. last year. Guidance points to a sharp step-up this year...

Yuanbao

TME-SW

Tencent Music

Tencent (Trans): H2 investment to ramp up; cloud to accelerate, stronger LLM to launch

Financial Analysis

Meta Platforms

Tencent: No Longer Resting on Laurels; AI Is the Way Forward

Tencent 1Q26 First Take: Q1 delivered a mixed print vs. expectations. There is plenty to unpack. At this stage, the market’s top questions center on AI: the roadmap, the scale of planned investment, how it could weigh on profit and buybacks, and which businesses will fund it. We offer quick takes alongside the print; expect more color on the call. 1) AI spend is set to rise: Q1 capex recognized was RMB 31.9bn (+16% YoY), which looks modest, but cash capex reached RMB 37.0bn, again reflecting prepayments for capacity.With compute scarce—especially at the high end—Tencent is front-loading purchases as it iterates base LLMs, leading cash outlays to exceed accounting recognition for four consecutive quarters. Supply remains tight. Capex will rise meaningfully this year. Annualizing Q1 implies north of RMB 120bn. Mgmt often includes compute leasing and foundational development spend booked in Opex when sizing total AI investment. Stripping out personnel from R&amp;D, foundational tech spend rose 61% YoY in Q1, an acceleration.It accounted for 28% of total R&amp;D (vs. 20% a year ago), outpacing total depreciation, which was still growing just above 20% YoY. This underscores a faster pivot toward infrastructure. 2) Profit and buybacks under pressure: The drag has already started. In Q1, ad GPM reflected some AI-related depreciation, down 50bps YoY.By contrast, value-added services GPM improved on a higher mix of self-developed titles and reduced iOS rev-share. Efficiency gains helped offset near-term AI spend, with SG&amp;A down and total headcount lower QoQ. Core operating profit was RMB 66.1bn (GP minus operating expenses), up 12% YoY. While margin improved YoY, profit will likely be under pressure this year, and the Street now models low single-digit growth with a slight margin decline. The hit to buybacks is larger. Q1 repurchases totaled HK$7.6bn, more than halved YoY.Mgmt already flagged an investment-first stance last quarter. We estimate full-year buybacks likely below HK$50bn. 3) Growth drivers: Turning to revenue. Q1 grew 9% YoY, with ads and games carrying the load. (1) Ads rose 20%, beating expectations despite a weak macro, driven by better performance in Channels and search.AI-related, gaming, and e-com categories were key growth areas, supported by strong AI sector demand, the Q1 seasonal uptick for games, and incremental budgets from WeChat Shops. (2) Games rose 8% YoY, with domestic +6% and overseas +13% (+14% cc), overall below expectations.Evergreen titles held up, and new contributions from '三角洲' and '鸣潮' helped. The late Lunar New Year and the late-quarter launch of Tencent’s hit mobile title '洛克王国' deferred some grossing into Q2. Deferred revenue reached RMB 141.3bn at end-Q1, up 15% YoY and clearly accelerating vs. Q4.However, the April stumble of '王者荣耀世界' weighs on near-term growth expectations. There is still room to improve with the Honor of Kings IP as a backstop. (3) FinTech &amp; Biz Services were broadly in line. FinTech grew single digits, while Biz Services rose ~20% on AI cloud demand and higher tech commissions from WeChat Shops。$TENCENT(00700.HK) $Tencent(TCEHY.US)

09896

MNSO

09992

HPPD

0513 | Dolphin Research Focus: 🐬 Macro/Industry 1) On May 12, the Bureau of Labor Statistics reported April CPI rose 0.6% MoM and 3.8% YoY, with core CPI at 2.8% YoY, all higher vs. prior. Energy and shelter remain the key drivers.Inflation proved stickier than expected. Most on Wall St. now expect the Fed to delay cuts, implying a higher-for-longer rate path.2) On May 12, the U.S. Senate voted 51–45. It confirmed Kevin Warsh as a Fed Governor...

MediaAlpha

Miniso

POP MART

POP MART HK SDR 20to1

MINIMAX-W

New AI collaboration features ignite MiniMax; Xiaomi 17 Max big-screen flagship debuts | Daily News Recap

Below is Dolphin Research's Trans of $Sea(SE.US) FY26Q1 earnings call. For our earnings review, see 'SEA: SE Asia's mini Tencent roars back'. 1) Shareholder returns: The company authorized a $1bn buyback. Since Nov last year, it has repurchased approx. $170mn, and management intends to keep executing. 2) Outlook: Reiterated the FY26 guidance for Shopee GMV. Growth is projected at ~25% YoY...

US Global Sea to Sky Cargo ETF

SE (Trans): Shopee GMV to grow at least 25% in 2026; Garena bookings to sustain strong growth

Often dubbed Southeast Asia's 'mini Tencent', $Sea(SE.US) reported Q1 2026 results pre-market on May 12 (U.S. time). The quarter was solid, with revenue growth and profit delivery both beating estimates.However, the upside was driven mainly by Digital Entertainment, not the core e-commerce biz. That makes the beat less high-quality. On profitability...Specifically: (1) Overall performance was strong. Total revenue was near $7.1bn (+47% YoY), well above last quarter’s pace and ahead of the Street’s ~36% growth expectation. As noted, gaming led the beat, while e-commerce and fintech also posted robust growth.

SE: Southeast Asia's mini Tencent roars back!

Below are Dolphin Research's notes from the $Tencent Music(TME.US) FY26 Q1 earnings call.For our earnings analysis, see 'With Ximalaya integrated, can Tencent Music win the defensive game?'.Key highlights recap: 1) Shareholder returns: FY2025 cash dividend of $0.12 per ordinary share ($0.24 per ADS), paid in Apr. 2026, totaling approx. $317mn. The two-year share repurchase announced in Mar. 2025 is on track for completion on schedule...

喜马拉雅控股

TME (Trans): Intense Competition; Deepening WeChat Channels Collaboration in 2024

Tencent Open Sources AgentDB to Solve AI Agent Memory Issues, Long-term Memory Accuracy Significantly Improved

Goldman Sachs Reaffirms Buy Rating on Tencent with HKD 700 Target Price

Tencent WeChat AI Team Wins ICASSP Best Industrial Paper Award, First for Chinese Enterprise

China Mobile partners with Tencent to launch an AI-native workspace platform

Tencent Cloud's Two AI Models End Free Beta on May 27, Switch to Paid Commercial Service

Tencent Cloud Two AI Models End Beta and Switch to Commercial Use

Tencent Cloud and Stream Partner to Accelerate the Development of Real-Time Multimodal AI Agents

Nomura: Tencent's Solid Core Businesses Support AI Investment, Maintains 'Buy' Rating

Tencent officially launches AI application generation platform 'Tencent Tusi' for public beta

Guotai Haitong Securities maintains 'Overweight' rating on Tencent with a target price of HK$613

JPMorgan reiterates 'Overweight' rating on Tencent, but notes three risks.

Citi maintains 'Buy' rating on Tencent, optimistic about its AI progress and H2 capital expenditure growth

Tencent Holdings spends 501 million HKD to repurchase 1.112 million shares on May 18

Tencent Repurchases 1.112 Million Shares on May 18 at Avg Price of ~450.26 HKD

Tencent Cloud Partners with ARKIE AI to Enhance Cloud Infrastructure

Tencent Music Entertainment Group Announces Completion of Ximalaya Acquisition

Tencent Music Completes Acquisition of Ximalaya, Making It a Wholly-Owned Subsidiary

Citigroup Maintains Buy Rating on Tencent, Sets Target Price at 763 HKD

Nomura Maintains Buy Rating on Tencent with HK$727 Target; Q1 Non-IFRS Operating Profit Up 9%

Market Concerns Arise Over Potential Tencent Stake Sale in Bilibili

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Wellgistics Health

Huachen AI Parking Management Tech

GeoVax Labs

Sunshine Biopharma

AIM ImmunoTech

Virax Biolabs

NextNRG

GCT Semiconductor

TENCENT (00700.HK) Q1 2026 Earnings Conference Call

TENCENT (00700.HK) Fourth Quarter and Full Year Earnings Conference Call for 2025

TENCENT (00700.HK) Q3 2025 Earnings Conference Call

TENCENT (00700.HK) Q2 2025 Earnings Conference Call

TENCENT (00700.HK) Q1 2025 Earnings Conference Call

TENCENT (00700.HK) 2024 Fourth Quarter and Full Year Earnings Conference Call

TENCENT (00700.HK) 2024 Third Quarter Earnings Conference Call

TENCENT (00700.HK) 2024 Q2 Earnings Conference Call

09626

BILI

159869

03033

KWEB

517770

BOCI reported that BILIBILI-Wshares fell due to concerns over Tencent's potential stake sale. Tencent, holding a 10.5% stake, plans to divest to fund AI investments. Despite this, BOCI forecasts a 31% CAGR in adjusted net profit from 2025-2028, citing strong user growth and solid fundamentals. The advertising business is expected to thrive, and gaming growth is anticipated in 2H with new titles. BOCI maintains a Buy rating with a target price of USD31 forand HKD244 for BILIBILI-W.

- BOCI reported that BILIBILI-W (09626.HK) is experiencing share price declines due to concerns about potential stake sales by Tencent Holdings.  
- Tencent, holding a 10.5% stake since 2019, plans to accelerate its investment portfolio disposal to boost AI investments and share buybacks.  
- BOCI maintains a Buy rating on BILIBILI-W, forecasting a CAGR of 31% in adjusted net profit from 2025 to 2028, with positive outlooks for advertising and gaming segments.

AASTOCKS News

BILIBILI-W

Bilibili

ChinaAMC CSI Animation Game ETF

CSOP HS TECH

Krne Csi China Internet

AXA SPDB CSI Hugangshen Game and Culture Media ETF

BOCI: Tencent Stake Sale Concerns Weigh on BILIBILI-W ; Profit Expected to Sustain Growth

ESPO

GuoSen analyst has reaffirmed a Buy rating for Tencent Holdings (TCTZF) with a price target of HK$610.00, while the shares closed at HK$456.40. CGS International also issued a Buy rating, contrasting with Mizuho Securities' Hold rating from May 14.

- GuoSen analyst maintained a Buy rating on Tencent Holdings, setting a price target of HK$610.00, while shares closed at HK$456.40.  
- CGS International's Lei Yang also issued a Buy rating for Tencent Holdings in a report on the same day.  
- Mizuho Securities, however, maintained a Hold rating for Tencent Holdings on May 14.

Tip Ranks

VanEck Video Gaming and eSport ETF

GUOSEN SECURITIES

Mizuho Financial

Mizuho Financial Group, Inc.

GuoSen Sticks to Its Buy Rating for Tencent Holdings  (TCTZF)

J.P. Morgan has reaffirmed its Buy rating for Tencent Holdings, setting a price target of HK$690.00, while the shares closed at HK$460.20. Additionally, CGS International also issued a Buy rating, but Mizuho Securities maintained a Hold rating on the same day.

- J.P. Morgan analyst maintained a Buy rating on Tencent Holdings with a price target of HK$690.00 as of May 14, while shares closed at HK$460.20.  
- CGS International also issued a Buy rating for Tencent Holdings the same day.  
- Conversely, Mizuho Securities kept a Hold rating on the stock on May 14.

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

J.P. Morgan Sticks to Its Buy Rating for Tencent Holdings  (TCTZF)

KBAB

Senate Minority Leader Chuck Schumer criticized President Trump's approval of Nvidia's H200 AI chip sales to Chinese firms, warning it could jeopardize U.S. AI dominance and national security. Despite U.S. export licenses for companies like Alibaba and Tencent, no shipments have occurred due to Chinese government discouragement. Schumer emphasized that allowing access to advanced U.S. technology is dangerous, while some analysts argue controlled sales could maintain U.S. leverage in the tech race.

- Senate Minority Leader Chuck Schumer criticized President Trump's approval of Nvidia's H200 AI chip sales to Chinese firms due to national security concerns.  
- The Commerce Department granted licenses to approximately 10 Chinese companies, allowing the purchase of up to 75,000 chips, but shipments have not occurred as Chinese authorities prefer domestic manufacturers.  
- Industry experts express concern that this policy could undermine U.S. technological leadership in AI while others argue controlled sales might maintain some leverage over China’s technological advancement.

Chuck Schumer Says Trump's Plan To Sell AI Chips To Military-Linked Chinese Firms Is 'Dangerous' As Trump Clears H200 Sales To Alibaba, Tencent

Tencent Holdings Limited(TCTZF.US)

JD 618 Kicks Off Low-Price Deals; Tencent Speeds Up AI Monetization | Daily News Recap

Xiaomi YU7 GT launches Thu; Li Auto L9 misses ests., shares plunge | Daily News Recap

BOCI: Tencent Stake Sale Concerns Weigh on BILIBILI-W ; Profit Expected to Sustain Growth

GuoSen Sticks to Its Buy Rating for Tencent Holdings (TCTZF)

J.P. Morgan Sticks to Its Buy Rating for Tencent Holdings (TCTZF)

Chuck Schumer Says Trump's Plan To Sell AI Chips To Military-Linked Chinese Firms Is 'Dangerous' As Trump Clears H200 Sales To Alibaba, Tencent

HSBC Keeps Their Buy Rating on Tencent Holdings (TCTZF)