Many are still panicking about Tencent, but I think the recent stock price has likely bottomed out.

Having retraced from its peak to this point, pessimistic expectations have already been fully priced in. But don't forget a simple truth: prices will always fluctuate, but value will eventually return.

What does Tencent hold in its hands? It's the social network of 1.3 billion people, an almost irreplaceable digital life infrastructure. As long as Chinese people are still using WeChat to chat, pay, handle affairs, and do business, this company is far from the time to be "repriced."

The market always uses a magnifying glass to look at risks in the short term, but a telescope to look at value. Policy disruptions, slowing growth—these are facts, but not the whole story. Video Accounts monetization has just begun, overseas games still have cards to play, and the profit elasticity released by cost reduction and efficiency improvement has been overlooked by many.

At this price level, pessimists see a ceiling, while optimists see a floor. And I'd rather believe that when a good company is knocked down by non-fatal factors, time is usually on your side.

Don't be dazzled by the waves of price; remember to see where the underlying currents are flowing.

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