Tencent Buybacks Hit Record as China Watchdog Roiled Markets

Tencent Holdings Ltd. bought back a record HK$10 billion ($1.3 billion) of shares in December and accelerated the pace even further into 2024 after China’s gaming regulator surprised investors with a raft of new regulations that triggered a broad tech selloff.

China’s most valuable company sharply boosted its buybacks as the shock announcement triggered a 12% plunge on Dec. 22. Tencent has since increased daily purchases to about HK$1 billion, compared with an average of HK$375 million a day last year prior to the sweeping gaming restrictions. It kept up that velocity Thursday, meaning the company has spent HK$3 billion this week alone.

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