On Thursday, Chinese tech giant Tencent (HKG:0700.HK - News) announced that had purchased back 92 million RMB ($14 million) of its own stock. The company has made major buybacks each day this week, and the total value of stock the company has picked up thus far is now around 463 million RMB ($73 million).
The company's stock price has been jumping around quite a bit over the past half year, reaching heights of over $280/share in November 2012 and early March 2013, but also dropping repeatedly to below $250/share. Its current price sits at almost exactly $250/share, and Sina Tech's report on the stock buyback hypothesizes that Tencent is looking to calm things down a little bit, and perhaps boost investor confidence in the stock.
Whatever the reason, if the company continues to buy back stock over the course of Friday, it will likely approach the $100 million mark. Luckily, Tencent is one of the few Chinese internet companies that has that kind of cash to throw around. Even if WeChat's monetization is still in the early stages, the company is still making boatloads off its games and other services.
(via Sina Tech)
The post Tencent Has Bought Back $73 Million of Its Own Stock This Week appeared first on Tech in Asia.
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