Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Special Dividend: On December 23, 2021, Tencent Holdings (700.HK) [Tencent] announced that it is planning to distribute USD 16.3 bn in JD.com (JD.US) [JD] Class A shares; </li>
<li>
Not A Surprise:Given mainland China’s crackdown on the country’s largest internet companies, Tencent’s disposal of JD shares is not a surprise; and</li>
<li>
Other Stake Sales To Follow: Further divestitures of major stakes are likely if Tencent wishes to remain on the right side of mainland China’s Communist Party.  </li>
</ul>



Special Dividend: On December 23, 2021, Tencent Holdings (700.HK) [Tencent] announced that it is planning to distribute USD 16.3 bn in JD.com (JD.US) [JD] Class A shares; 

Not A Surprise:Given mainland China’s crackdown on the country’s largest internet companies, Tencent’s disposal of JD shares is not a surprise; and

Other Stake Sales To Follow: Further divestitures of major stakes are likely if Tencent wishes to remain on the right side of mainland China’s Communist Party.  


テンセント・ホールディングス – 底値圏