Movement Alert｜Tencent Holdings Rises 3.26% in Regular Trading, CICC Maintains Outperform Rating as Chip Supply Deal Continues to Boost Sentiment

Market Focus

Jul 02

On July 2, Tencent Holdings rose 3.26% in regular trading, trading at 442.4 HKD/share, with turnover of approximately 63.96 billion HKD.

On the news front, CICC recently published a research report maintaining its Outperform rating on Tencent with a target price of 666 HKD, noting the company is currently at a valuation trough since 2021 and that AI product launches such as WeChat Agent could drive a valuation recovery. Additionally, Tencent signed a long-term server DRAM chip supply agreement worth over 20 billion RMB (approximately 2.94 billion USD) with CXMT, with a term of up to three to five years, signaling firm commitment to AI infrastructure investment.

The company has maintained a steady daily buyback pace of approximately 500 million HKD, while southbound capital recorded net purchases of 12.31 billion HKD in Tencent on June 30. Multiple positive catalysts are converging to support share price strength.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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