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According to Yicai, there are market rumors a few days ago that a consortium headed by CITIC is approaching Tencent South Africa’s major shareholder, intending to fully acquire the Tencent shares in its hands and win the controlling stake in Tencent.
Previously, Tencent released a financial report showing that Tencent Holdings’ revenue in the first half of this year was 269.505 billion yuan, down 1% year-on-year; its net profit was 42.032 billion yuan, down 53% year-on-year. According to Tencent’s 2022 interim report, its largest shareholder, MIH TC, is controlled by Prosus, a wholly-owned subsidiary of South African newspaper group Naspers. After several rounds of reductions, the South African newspaper group Naspers’ shareholding in Tencent has dropped from the initial 46% to the current 27.99%. Tencent’s stock price has fallen sharply since 2022, but CITIC will still have to spend about HK$500 billion to acquire the shares held by its major shareholders.
In the face of the continuous reduction of Naspers, Tencent has been investing in repurchase, and has spent more than 100 billion Hong Kong dollars to undertake the huge selling of Naspers, but if Tencent is to continue to spend money to buy back the remaining 600 billion Hong Kong dollars of equity , it is indeed very difficult. South African major shareholders hold 28% of Tencent’s shares, which is about 70 billion US dollars. It may be difficult for a consortium to win, but it is not impossible for several state-owned assets to jointly initiate the acquisition.
Source: First Financial
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