Tencent Holdings rose 1.8% to a new high in nearly four years.

Mobile game 'Valorant' is one of TENCENT's most important new releases this year, eagerly awaited by the market, according to Morgan Stanley's research report. As of July, pre-registrations have exceeded 50 million.

The launch date is earlier than the market's expected November, alleviating concerns about the high base effect caused by the release of its mobile game 'Dungeon and Fighter' in May 2024. The broker estimated that the annual revenue from the 'Valorant' mobile game could reach RMB5-6 billion.

Morgan Stanley expected TENCENT's 2025 online game revenue to grow by 14% YoY, and rated TENCENT at Overweight, with a target price of $650.