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Tencent Soars As Traders Cite Unfounded Talk of Official’s Visit

Bloomberg News
·2 min read

(Bloomberg) -- Tencent Holdings Ltd. surged more than 8%, the most in about four months, as traders cited unsubstantiated talk that newly installed Premier Li Qiang toured the Chinese social media leader’s headquarters.

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Guizhou Party Secretary Xu Lin visited the Chinese company’s offices Thursday, according to the official WeChat account of a Guizhou state media outlet. Li, Xi Jinping’s top deputy, didn’t show up that day, people familiar with the matter said, asking to remain anonymous on a sensitive topic.

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China’s social media leader reported on Wednesday a resumption in revenue growth for the fourth quarter, helped by a recovery in advertising sales and anticipation of regulatory support for the bedraggled gaming sector. Tencent representatives didn’t immediately respond to requests for comment.

Executives on Wednesday including founder Pony Ma and President Martin Lau reaffirmed hopes of a Chinese economic recovery and looser regulatory environment in 2023 during post-earnings calls. Much of the internet sector remains shell-shocked after two years of blistering regulatory clampdowns on everything from e-commerce and the sharing economy to online content and its consumption.

Li took over the premiership in March during China’s government reshuffle. Having vowed to support the private sector in a bid to boost the Chinese economy, Li used his first trip out of Beijing to visit automaker BYD Co. and other manufacturing firms in central Hunan province earlier this week, according to state media reports.

Tencent has gained more than $200 billion of market value since hitting an October trough, helped by Beijing’s resumption of approvals for blockbuster games after a months-long halt. A succession of public officials have since endorsed the gaming arena, joining Xi’s administration in declaring support for the private sector.

--With assistance from Jackie Cai.

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