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    700   KYG875721634

TENCENT HOLDINGS LIMITED

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Beijing tutoring crackdown slams U.S.-listed Chinese stocks

07/23/2021 | 03:11pm EDT
FILE PHOTO: China's Didi Global Inc. debuts on New York Stock Exchange

(Reuters) - Fears of increased of regulation from Beijing crushed U.S.-listed Chinese stocks on Friday following a Chinese government crackdown on private educators.

U.S. shares of TAL Education Group and New Oriental Education & Technology Group Inc, which provide tutoring and test preparation services in China, each dropped more than 50% after news that the government is barring tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates.

Heavyweight Chinese internet stocks also deepened a recent selloff as the move by China added to concerns about increased regulation of Chinese companies listed on Wall Street. Alibaba and Baidu both lost 4% and Didi Global tumbled 20%.

A broad crackdown on China's massive internet sector has already rattled investors. Beijing launched a data-related cybersecurity investigation into ride-hailing giant Didi Global Inc just two days after it raised $4.4 billion in a New York initial public offering. Didi has fallen over 40% from its June 30 IPO price, while Baidu has tumbled 50% from its February record high and Alibaba is down 35% since October.

"A lot of the fast-money types had recently been trying to catch a falling knife, and some of these stocks started to look OK. But today looks like a complete capitulation, where guys can't stomach the pain of regulatory uncertainty. People have just given up," said Joel Kulina, a senior trader at Wedbush Securities who specializes in technology stocks.

The policy change threatens to decimate China's $120 billion private tutoring industry and imperils the listing ambitions of numerous venture capital-backed education firms, including Alibaba-backed Zuoyebang, and online education platforms Yuanfudao and Classin, both backed by Tencent.

The KraneShares CSI China Internet ETF sank about 9%, leaving it down almost 30% year-to-date.

(Reporting by Noel Randewich in Oakland, Calif.; Editing by Matthew Lewis)

By Noel Randewich


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.20% 148.4 End-of-day quote.-36.20%
BAIDU, INC. 0.39% 160.5 Delayed Quote.-25.78%
DIDI GLOBAL INC. 2.76% 8.18 Delayed Quote.0.00%
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 7.52% 15.44 End-of-day quote.-88.91%
S&P 500 1.21% 4448.98 Delayed Quote.15.92%
TAL EDUCATION GROUP 0.00% 4.8 Delayed Quote.-93.29%
TENCENT HOLDINGS LIMITED 2.93% 463.2 End-of-day quote.-17.87%
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Financials
Sales 2021 579 B 89 569 M 89 569 M
Net income 2021 150 B 23 177 M 23 177 M
Net cash 2021 136 B 21 070 M 21 070 M
P/E ratio 2021 24,8x
Yield 2021 0,41%
Capitalization 3 661 B 567 B 567 B
EV / Sales 2021 6,09x
EV / Sales 2022 4,96x
Nbr of Employees 94 182
Free-Float 62,4%
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
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Mean consensus BUY
Number of Analysts 52
Last Close Price 384,33 CNY
Average target price 540,85 CNY
Spread / Average Target 40,7%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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