Summary of Tencent's external investment holdings - Market cap 777.1 billion, clear trend of reduction

Recently, the interim reports of A-shares and Hong Kong stocks have been mostly released, and Tencent's shareholding data in listed companies has been gradually disclosed. After aggregation and statistics, Tencent currently holds shares in 61 listed companies in A-shares, Hong Kong stocks, U.S. stocks, French stocks, and South Korean stocks (incomplete statistics, welcome to comment), with the latest holding market value reaching 777.1 billion RMB.

Below are the detailed holdings in each market.

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A-share Holdings

Remarks:

1. Shareholding data as of June 30, 2025;

2. Stock price and market value data as of the market close on September 19, 2025.

As of now, Tencent holds shares in 13 A-share companies with a total market value of 29.7 billion RMB. In the same period last year, the number of companies held was 13, with a market value of 16.3 billion RMB, representing an 82.2% increase, mainly driven by the rise in Century Huatong's stock price. Century Huatong's market value last year was 2.8 billion RMB, and this year it is 14.06 billion RMB, an increase of 11.26 billion RMB, contributing to a 69.1% increase in Tencent's holding market value.

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Hong Kong Stock Holdings

Remarks:

1. Shareholding data as of June 30, 2025, to September 19, 2025;

2. Stock price and market value data as of the market close on September 19, 2025.

3. Companies listed in both the U.S. and Hong Kong markets are counted under Hong Kong stocks.

4. The last few companies in gray: Fenbi, Jingtai Technology, Ubtech, ZhongAn Online, and Weimob, have all significantly reduced their stakes to below 5%. According to HKEX requirements, their holdings are no longer disclosed, making it difficult to accurately track them in the future. Therefore, I have uniformly treated them as liquidated and excluded them from the list of holdings (this may not fully reflect the actual situation).

As of now, Tencent holds shares in 26 Hong Kong-listed companies with a total market value of 128 billion RMB. In the same period last year, it held 30 companies with a market value of 105.3 billion RMB, representing a 21.6% year-on-year increase.

Companies with a holding market value exceeding 5 billion RMB:

Kuaishou 47.1 billion, Beike 15.8 billion, Tongcheng Travel 10.6 billion, Yixin 9.1 billion, Bilibili 8.5 billion, China Ruyi 6.9 billion, BOSS Zhipin 6.4 billion.

Reduced holdings in 9 companies:

1. Beike: Reduced holdings by 75.69 million shares, mainly due to Tencent, as a GP, distributing its holdings in Beike according to the proportion of limited partnership shareholders. Tencent's actual holdings remain unchanged.

2. Kingsoft: Reduced holdings from 107 million shares last year to 96 million shares this year, a decrease of 10.69 million shares. Based on the average price during the period, the estimated reduction amount is around 350 million HKD, and the shareholding ratio decreased from 8% last year to 6.9% currently.

3. CICC: Tencent has been continuously reducing its holdings in CICC since the end of July, with a total reduction of 104 million shares so far. The average reduction price is around 21 HKD, with a reduction amount of approximately 2.2 billion HKD. The shareholding ratio decreased from 4.5% last year to 2.3% currently.

4. Fenbi: Tencent has been continuously reducing its holdings in Fenbi since February this year. The current shareholding has decreased from 12.8% last year to below 5%. Here, it is treated as liquidated, with an estimated average reduction price of around 3 HKD, reducing 294 million shares, and a reduction amount of around 900 million HKD.

5. Jingtai Technology: Tencent has been continuously reducing its holdings in Jingtai Technology since May this year. The current shareholding has decreased from 12.9% last year to below 5%. Here, it is treated as liquidated, with an estimated average reduction price of around 4.5 HKD, reducing 440 million shares, and a reduction amount of around 2 billion HKD.

6. Ubtech: Tencent has been continuously reducing its holdings in Ubtech since January this year. The current shareholding has decreased from 6.1% last year to below 5%. Here, it is treated as liquidated, with an estimated average reduction price of around 50 HKD, reducing 26 million shares, and a reduction amount of around 1.3 billion HKD.

7. ZhongAn Online: Tencent has been continuously reducing its holdings in ZhongAn Online since June this year. The current shareholding has decreased from 7.8% last year to below 5%, here treated as liquidated, with an estimated average reduction price of around 20 HKD, reducing 115 million shares, and a reduction amount of around 2.3 billion HKD.

8. Weimob: Tencent has been continuously reducing its holdings in Weimob since January this year. The current shareholding has decreased from 9.6% last year to below 5%. Here, it is treated as liquidated, with an estimated average reduction price of around 3.4 HKD, reducing 297 million shares, and a reduction amount of around 1 billion HKD.

In summary: Tencent has reduced its holdings in 7 Hong Kong-listed companies (excluding Beike) in the past year, cashing out a total of around 10 billion HKD. Compared to the same period last year, the frequency of reductions in Hong Kong stocks has significantly increased, especially in long-held companies like CICC, ZhongAn, and Kingsoft.

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U.S. & French Stock Holdings

Remarks:

1. Since U.S. stocks do not disclose shareholder structure in semi-annual reports, most of the data comes from the 2024 annual report.

2. Stock price and market value data as of the U.S. market close on September 19, 2025.

Currently, Tencent holds shares in 13 U.S.-listed companies and 2 companies on the French exchange (Universal Music and Ubisoft), with a total holding market value of 577.8 billion RMB. At the end of last year, the number of companies held was 15, with a market value of 444.2 billion RMB, representing a 30% year-on-year increase.

Companies with a holding market value exceeding 10 billion RMB:

There are 8 companies with a holding market value exceeding 10 billion RMB: Pinduoduo, SEA, Spotify, Universal Music, Futu, Reddit, Snap, and Didi, with market values of 180.5 billion, 143 billion, 87 billion, 71.4 billion, 35.9 billion, 23.4 billion, 14.1 billion, and 10.8 billion RMB, respectively.

The market values increased by 1.5%, 106.3%, 96.8%, 7.0%, 121.6%, 225%, -21.7%, and 0.9% year-on-year, respectively.

Reduced holdings in two companies:

Reddit: Reduced holdings from 15 million shares to 12 million shares, a reduction of 3.04 million shares, with an average reduction price of 132 USD and a reduction amount of 400 million USD. The shareholding ratio decreased from 9.4% last year to 7.1% currently.

Nu Bank: The shareholding ratio decreased to below 5%, and no further disclosure of holdings or reductions is required. Here, it is treated as liquidated, with an estimated average reduction price of around 13 USD, reducing 245 million shares, and a reduction amount of around 3.2 billion USD.

In summary: The total reduction in U.S. stocks in the past year is approximately 3.6 billion USD, equivalent to around 26 billion RMB.

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South Korean Stock Holdings

Remarks:

1. Shareholding ratios are based on past public data and have not been updated for changes in the past year.

2. Stock price and market value data as of the market close on September 19, 2024.

As of now, Tencent holds shares in 7 South Korean-listed companies with a total market value of 41.6 billion RMB. In the same period last year, the market value was 34.3 billion RMB, representing a 21.3% year-on-year increase.

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Holdings Summary

As of now, my personal statistics show that Tencent holds shares in 61 listed companies in A-shares, Hong Kong stocks, U.S. stocks, South Korean stocks, and French stocks, with a total market value of approximately 777.1 billion RMB.

At the end of last year, the number of companies held was 66, with a market value of 600.1 billion RMB. In the past year, Tencent's holding market value increased by 177 billion RMB, driven by SEA, Spotify, Futu, Reddit, and Kuaishou, which contributed 73.7 billion, 42.8 billion, 19.7 billion, 16.2 billion, and 15.4 billion RMB, respectively, representing a 29.5% year-on-year increase in total holding market value.

Summary:

In the past year, whether it's A-shares, Hong Kong stocks, or U.S. stocks, they have been in a relatively good upward trend. From the recent months' trends, it can be vaguely seen that Tencent is strengthening its efforts to dispose of listed equity. However, since most of the major assets held are strategic investments, such as e-commerce and music, these are unlikely to be sold in the short term, or it is unlikely to sell them unless the valuation is particularly overestimated. Therefore, the actual cash that Tencent can obtain from secondary market reductions is relatively limited.

However, no matter what, selling some equity assets in a good market is certainly welcome as a shareholder. I still remember that in the bull market of Q2 2021, Tencent's listed equity assets reached a record high of 1,446 billion RMB, but it is a pity that Tencent did not make much reduction and cash-out operations at the peak. As a shareholder, I hope that in the future, when the market is good, Tencent can timely exit some non-core, non-strategic assets and continue to use them for repurchases or dividends.$TENCENT(00700.HK) $TME-SW(01698.HK) $CHINA LIT(00772.HK)