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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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U.S. judge 'not inclined' to reverse decision on WeChat app store ban

10/15/2020 | 07:13pm EST
FILE PHOTO: Illustration picture of Wechat app on a mobile phone

WASHINGTON (Reuters) - A U.S. judge in San Francisco on Thursday said she was "not inclined" to reverse her decision blocking the government from barring Apple Inc and Alphabet Inc's Google from offering WeChat for download in U.S. app stores.

U.S. Magistrate Judge Laurel Beeler said at a hearing that she did not think a new filing by the Justice Department "changes the outcome" or changes her analysis.

Last month, Beeler issued a preliminary injunction blocking the U.S. Commerce Department order which was set to take effect late on Sept. 20 in a suit brought by WeChat users.

The Justice Department has appealed Beeler's order to the 9th Circuit Court of Appeals, but no ruling is likely before December.

The Commerce Department order would also bar other U.S. transactions with Tencent Holding's WeChat, potentially making the app unusable in the United States.

The Justice Department argues Beeler's order "permits the continued, unfettered use of WeChat, a mobile application that the Executive Branch has determined constitutes a threat to the national security and foreign policy of the United States."

The WeChat users argued the government sought "to implement an unprecedented ban of an entire medium of communication" and then only offered "speculation" of harms "without any evidence or examples involving Americans' use of WeChat."

WeChat has an average of 19 million daily active users in the United States, analytics firm Apptopia said. It is popular among Chinese students, Americans living in China and some Americans who have personal or business relationships in China.

WeChat is an all-in-one mobile app that combines services similar to Facebook, WhatsApp, Instagram and Venmo. The app is an essential part of daily life for many in China and boasts more than 1 billion users.

In a similar case, a U.S. appeals court on Wednesday agreed to fast-track a government appeal of a ruling blocking the government from banning new TikTok downloads from U.S. app stores.

(Reporting by David Shepardson; Editing by Tom Brown)

By David Shepardson


© Reuters 2020
Stocks mentioned in the article
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ALPHABET INC. 2.33% 1795.36 Delayed Quote.34.04%
APPLE INC. 3.08% 122.72 Delayed Quote.62.17%
FACEBOOK INC 3.46% 286.55 Delayed Quote.39.61%
TENCENT HOLDINGS LIMITED -3.43% 563 End-of-day quote.49.89%
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Financials
Sales 2020 481 B 73 229 M 73 229 M
Net income 2020 128 B 19 501 M 19 501 M
Net cash 2020 71 088 M 10 829 M 10 829 M
P/E ratio 2020 37,0x
Yield 2020 0,28%
Capitalization 4 661 B 709 B 710 B
EV / Sales 2020 9,55x
EV / Sales 2021 7,59x
Nbr of Employees 77 592
Free-Float 60,4%
Chart TENCENT HOLDINGS LIMITED
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Average target price 577,06 CNY
Last Close Price 489,92 CNY
Spread / Highest target 46,5%
Spread / Average Target 17,8%
Spread / Lowest Target -27,9%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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