【浙商互联网】腾讯盘中大跌点评：大股东减持压力引发担忧，但回购可以有效对冲，基本面依然稳固，维持强烈推荐

【浙商互联网】腾讯盘中大跌点评：大股东减持压力引发担忧，但回购可以有效对冲，基本面依然稳固，维持强烈推荐

腾讯盘中大跌，主要因为大股东Prosus宣布将9600万股腾讯股票（按现价约350亿港币）转到港交所。

我们认为，大股东减持虽对市场产生一定压力，但公司坚持回购计划，可以有效对冲减持压力。公司已经连续9个交易日回购3.5亿港币。假设日回购额不变，按照每年可回购天数为130日计算，每年回购额达约450亿，可有效对冲减持压力。

公司基本面依然稳固，我们判断一季度游戏收入超预期（春节期间商业化带动），全年游戏版号获取情况或超预期，视频号全年收入超预期（广告+电商带动）。

我们维持对腾讯的“强烈推荐”

风险提示：视频号电商发展不及预期；美联储加息

附：大股东公告全文

Update on repurchase programme

Prosus today announces an update to the open-ended, repurchase programme in respect of the ordinary shares N in the capital of Prosus ("Prosus Shares") and N ordinary shares in the share capital of Naspers ("Naspers Shares"), from the respective Prosus and Naspers (together the “Group”) free-float shareholders (together the “Repurchase Programme”) announced on 27 June 2022.

As part of the Repurchase Programme, for the period between 3 April 2023 and 6 April 2023, Prosus repurchased 1,783,398 Prosus Shares at an average price of €71.1390 per share for a total consideration of €126,869,196 (US$138,588,590).

Furthermore, as part of the continued implementation of the Repurchase Programme, Prosus will take the administrative step to deposit an additional 96 million of the Tencent shares that it holds in certificated form into the Hong Kong Central Clearing and Settlement System this week, to enable on market trading of such shares, in an orderly way pursuant to the Repurchase Programme, over time.