Official announcements from the US Department of Defense or major news outlets

Tencent Buys Back 3.93 Million Shares for $193M After 7.28% Drop Due to Pentagon Blacklisting

Jan 8, 2025, 11:54 AM

Tencent Holdings Ltd. executed its largest share buyback in nearly two decades, purchasing 3.93 million Hong Kong-listed shares worth $193 million on January 7, 2025. This move followed the company's addition to a US blacklist by the Pentagon, which designated Tencent as a Chinese military-linked business operating in the US. The buyback was the most significant since April 2006 and came after a 7.28% drop in Tencent's stock value due to its inclusion on the blacklist. Tencent, a major player in social media and gaming, stated that its inclusion on the list was a mistake and plans to work with the Department of Defense to address any misunderstanding. Despite the buyback, Tencent's shares continued to decline, with an additional 1.58% drop on the following trading day.