Source: Bloomberg
Author: jeanny yu
Tencent Holdings has lost its market pursuit, and mainland investors are exhausted due to fluctuations and market emotional drive transactions.The stock that the stock has won the favor of mainland investors may not be easy.
According to the exchange data calculated by Bloomberg, Tencent shares have been sold on the shore investors for two consecutive months for two consecutive months, the first time since 2021.In July of this year, mainland investors reduced the stock of HK $ 2.9 billion through an interconnection mechanism.
As the previous favorite of retail traders and the highest valuation of China's valuation, Tencent's wealth gradually weakened because of concerns about the company's prospects and the largest shareholders' reduction in shareholders disturbed investors.Investors on the shore are a pillar that boosted the stock. When the stock price rebounded from the five -year low in October, the withdrawal of the group may exacerbate pressure.
Beijing Eastern Smart Rock Asset Management's fund manager Cai Dian said, "Mainland investors believe that the stock price is low, but the trend of the stock price in 2022 just proves that the situation in the Hong Kong market may be very extreme."Watch Tencent and other Chinese technology stocks in the past two years.
He added that the company is still making money, but now it is not a good time to buy, because the reduction of holdings of the largest shareholders is to put pressure on the share.
Since Tencent has been listed in Hong Kong nearly two decades ago, Chinese investors have been known for their long -term support for Tencent.When foreign investors worried about Beijing's crackdown on private sector, and the company's largest shareholder Prosus NV announced its plan to reduce the stock, mainland investors helped ease the impact.
But they have enough.Investors said that the stock still fluctuated, and the transaction price did not refer to the fundamentals.Since June, Tencent's stock price has risen by about 15%, which has not been able to increase by 28%of the Hang Seng Technology Stock Index.This means that Tencent fell behind people in the recent rise.Proposed by the policy of the industry, Chinese technology stocks entered the bull market last week.
Forsyth Barr ASIA LTD senior research analyst, Willer Chen, said, "Selling south will hinder Tencent's rebound to a certain extent.At the time of, investors may have withdrawn Tencent and buy some higher stocks.
Not only domestic traders want to withdraw from the stock.Tencent's loser/bullish ratio (indicator of the market for a market for a certain stock) has risen since June after a sharp return this year.
The next test will be the second quarter financial report released by Tencent in mid -August, and there are signs that the outlook may improve.The revenue of this Internet company is expected to increase by 14%year -on -year, and the growth rate is higher than the previous quarter. This is due to the steady growth of game revenue to a certain extent.According to the data compiled by Bloomberg, analysts are still optimistic about the stocks of the stock. There are 70 purchases in the market's rating of the stock, only one selling rating.
However, Morgan Chase pointed out that although the company should realize a "stable quarter", the stock price may take a while to recover from the market mood.
"In the second half of the year, we will see the increasingly cautious signs of this sector," said Robert Lea, a research analyst at Bloomberg Industry, said, "Although most of the second quarters of Chinese Internet companies such as Tencent and other Chinese Internet companies seemed to be on the board, I am on the board, but I amIt is believed that the expectations are still too high, and the performance of China's Internet company in the fourth quarter may not be as good as expected. "
