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Tencent Holdings Limited 騰訊控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰700）

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Tencent Holdings Limited 騰訊控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰700） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部份內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 本公佈不構成在美國或任何其他司法管轄區出售證券的要約或招攬購買證券的要約或在該等司法 管轄區，上述要約、招攬或出售在根據該司法管轄區的證券法律進行登記或獲得資格前屬違法。 在未辦理登記手續或未獲適用的登記規定豁免的情況下，不得在美國發售或出售任何證券。凡在 美國公開發售任何證券，均須以刊發招股章程的方式進行。該招股章程須載有作出有關發售的公 司、其管理層及財務報表的詳盡資料。本公司無意在美國公開發售任何證券。 TENCENT HOLDINGS LIMITED 騰訊控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰700） 建議發行優先票據 及 公司和財務資料摘要 本公司建議向若干專業投資者進行票據的國際發售。就建議票據發行而言，本 公司將向若干專業投資者提供先前可能未公佈或於進行國際發債活動時必要呈 列的本集團近期公司及財務資料，包括但不限於風險因素、本公司業務描述、 管理層對財務狀況及營運業績的討論及分析、關連方交易及債務資料。為公平、 有效及適時向股東及一般投資人士發佈資料，該等資料的摘錄隨附於後並可於 本公司網站www.tencent.com/ir查閱。建議票據發行的完成須視乎多項重要條件 而定，包括但不限於全球市場狀況及投資者興趣。票據概不會向香港公眾人士 發售，亦不會向本公司的任何關連人士配售。 – 1 – 高盛、德意志銀行及巴克萊為聯席全球協調人，並且由高盛、德意志銀行、巴 克萊、花旗、瑞士信貸、摩根大通及澳新銀行（以聯席賬簿管理人及聯席牽頭經 辦人的身份）管理建議票據發行。本公司擬運用所得款項淨額作一般企業用途。 本公司擬尋求將票據於聯交所上市。就票據在聯交所上市及報價已接獲合資格 上市函件。票據獲准納入聯交所正式上市名單及票據在聯交所的報價不得視為 本公司或票據的價值指標。 由於截至本公佈日期並無就建議票據發行訂立具約束力的協議，故建議票據發 行可能或未必落實。建議票據發行的完成須視乎多項重要條件而定，包括但不 限於全球市場狀況及投資者興趣。投資者及股東於買賣本公司證券時務請審慎 行事。 本公司將於適當時候就建議票據發行刊發進一步的公佈。 建議票據發行 緒言 本公司建議向若干專業投資者進行票據的國際發售。就建議票據發行而言，本公 司將向若干專業投資者提供先前可能未公佈或於進行國際發債活動時必要呈列的 本集團近期公司及財務資料，包括但不限於風險因素、本公司業務描述、管理層 對財務狀況及營運業績的討論及分析、關連方交易及債務資料。為公平、有效及 適時向股東及一般投資人士發佈資料，該等資料的摘錄隨附於後並可於本公司網 站 www.tencent.com/ir查閱。 建議票據發行的完成須視乎多項重要條件而定，包括但不限於全球市場狀況及投 資者興趣。高盛、德意志銀行及巴克萊為聯席全球協調人，並且由高盛、德意志 銀行、巴克萊、花旗、瑞士信貸、摩根大通及澳新銀行（以聯席賬簿管理人及聯 席牽頭經辦人的身份）管理建議票據發行。 – 2 – 本公司將發行之票據未曾且不會根據美國證券法登記，或於美國任何州或其他司 法權區的任何證券監管機關登記。票據將僅會(i)於美國境內根據美國證券法項下 第144A條例所提供的註冊要求的豁免規定或在不受美國證券法之註冊規定所限的 交易中向合資格機構買家發售，及(ii)根據美國證券法項下S規例以離岸交易發售。 票據概不會向香港公眾人士發售，亦不會向本公司任何關連人士配售。 所得款項淨額建議用途 倘發行票據，則本公司擬運用所得款項淨額作一般企業用途。 上述為本公司目前的意向，乃基於現有計劃及業務狀況來動用及分配是次票據發 行所得款項淨額。然而，本公司的管理層將具有很大的靈活性及酌情權來應用是 次發售之所得款項淨額。倘發生不可預見的事件或業務狀況有所變動，則本公司 或將是次發售所得款項用於與建議用途不同之用途。 上市 本公司擬尋求將票據於聯交所上市。就票據在聯交所上市及報價已接獲合資格上 市函件。票據獲准納入聯交所正式上市名單及票據在聯交所的報價不得視為本公 司或票據的價值指標。 一般事項 由於截至本公佈日期並無就建議票據發行訂立具約束力的協議，故建議票據發行 可能或未必落實。建議票據發行的完成須視乎多項重要條件而定，包括但不限於 全球市場狀況及投資者興趣。投資者及股東於買賣本公司證券時務請審慎行事。 本公司將於適當時候就建議票據發行刊發進一步的公佈。 – 3 – 釋義 於本公佈內，除文義另有所指外，下列詞彙具有以下涵義： 詞彙 釋義 「澳新銀行」 指 Australia and New Zealand Banking Group Limited 「巴克萊」 指 Barclays Bank PLC 「董事會」 指 董事會 「花旗」 指 Citigroup Global Markets Inc. 「本公司」 指 騰訊控股有限公司，一間根據開曼群島法律組織 及存續之有限責任公司，其股份於聯交所主板上 市 「關連人士」 指 具上市規則賦予之涵義 「瑞士信貸」 指 Credit Suisse Securities (Europe) Limited 「德意志銀行」 指 德意志銀行，新加坡分行 「董事」 指 本公司董事 「高盛」 指 高盛（亞洲）有限責任公司 「本集團」 指 本公司及其不時的附屬公司 「港元」 指 港元，香港法定貨幣 「香港」 指 中華人民共和國香港特別行政區 「摩根大通」 指 J.P. Morgan Securities plc 「上市規則」 指 聯交所證券上市規則 – 4 – 「票據」 指 預計由本公司發行的優先票據 「建議票據發行」 指 建議發行票據 「股東」 指 股份持有人 「股份」 指 本公司股本中每股面值0.0001港元的普通股 「聯交所」 指 香港聯合交易所有限公司 「美國」 指 美利堅合眾國，其領土、屬地及服從其司法管轄 的所有地區 「美國證券法」 指 一九三三年美國證券法（經修訂） 承董事會命 馬化騰 主席 二零一二年八月廿八日 於本公佈刊發日期，本公司董事為： 執行董事： 馬化騰、劉熾平和張志東； 非執行董事： Charles St Leger Searle；及 獨立非執行董事： 李東生、Iain Ferguson Bruce 和 Ian Charles Stone。 本公佈載有前瞻性陳述，涉及本集團的業務展望、預測業務計劃及發展策略，該等前瞻性陳述是 根據本集團現有的資料，亦按本公佈刊發之時的展望為基準，在本公佈內載列。該等前瞻性陳述 是根據若干預測、假設及前提，當中有些涉及主觀因素或不受我們控制，該等前瞻性陳述或會證 明為不正確及可能不會在將來實現。該等前瞻性陳述涉及許多風險及不明朗因素。鑑於風險及不 明朗因素，本公佈內所載列的前瞻性陳述不應視為董事會或本公司聲明該等計劃及目標將會實現， 故投資者不應過於依賴該等陳述。 – 5 – TABLE OF CONTENTS Page Glossary of Technical Terms .................................................. 4 Forward-Looking Statements .................................................. 8 Summary ................................................................. 10 Summary Consolidated Financial and Other Data ................................... 14 Risk Factors............................................................... 19 Exchange Rate Information ................................................... 47 Capitalization.............................................................. 49 Selected Consolidated Financial and Other Data ................................... 50 Management’s Discussion and Analysis of Financial Condition and Results of Operations .... 55 Industry Overview .......................................................... 86 Our Corporate Structure...................................................... 95 Business ................................................................. 98 Management............................................................... 113 Regulation ............................................................... 120 Substantial Shareholders and Directors’ Interests ................................... 143 Related Party Transactions .................................................... 145 Description of Other Material Indebtedness ....................................... 149 Independent Auditor......................................................... 151 Index to Consolidated Financial Statements ....................................... F-1 —1— CERTAIN DEFINITIONS, CONVENTIONS AND CURRENCY PRESENTATION This document has been prepared using a number of conventions, which you should consider when reading the information contained herein. When we use the terms “we,” “us,” “our,” “Tencent” and words of similar import, we are referring to Tencent Holdings Limited, the Company itself, or to the Company, its subsidiaries and consolidated affiliated entities, as the context requires. References to the “Group” are to the Company, its subsidiaries and consolidated affiliated entities. Market data and certain industry forecast and statistics in this document have been obtained from both public and private sources, including market research, publicly available information and industry publications. Although we believe this information to be reliable, it has not been independently verified by us and neither we nor our directors make any representation as to the accuracy or completeness of that information. In addition, third-party information providers may have obtained information from market participants and such information may not have been independently verified. The statistics set forth in this document relating to the PRC and the Internet, mobile and telecommunications, online games, online advertising, e-Commerce and other industries in the PRC were taken or derived from various government and private publications. We do not make any representation as to the accuracy of such statistics, which may not be consistent with other information compiled within or outside the PRC. Due to possibly inconsistent collection methods and other problems, the statistics herein may be inaccurate and should not be unduly relied upon. In this document, all references to “US$” and “U.S. dollars” are to United States dollars, the official currency of the United States; all references to “HK$” and “H.K. dollars” are to Hong Kong dollars, the official currency of the Hong Kong Special Administrative Region of the PRC (“Hong Kong”or “HK”); and all references to “RMB” or “Renminbi” are to Renminbi, the official currency of the People’s Republic of China (the “PRC”). Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this document were made at a rate of RMB6.3530 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 29, 2012, and all translations from H.K. dollars to U.S. dollars and from U.S. dollars to H.K. dollars were made at a rate of HK$7.8 to US$1.00, the official exchange rate set by the Hong Kong Monetary Authority. We make no representation that any U.S. dollar, Renminbi, or H.K. dollar amounts could have been, or could be, converted into U.S. dollars, Renminbi or H.K. dollars, as the case may be, at any particular rate, at the rates stated above, or at all. References to “PRC” and “China,” for the purposes of this document, are to the People’s Republic of China excluding Hong Kong, the Macau Special Administrative Region and Taiwan. “PRC government” or “State” means the central government of the PRC, including all political subdivisions (including provincial, municipal and other regional or local governmental entities) and instrumentalities thereof, or, where the context requires, any of them. Totals presented in this document may not tally correctly due to the rounding of numbers. —2— NOTICE REGARDING PRESENTATION OF FINANCIAL INFORMATION The consolidated financial statements and financial information of the Company included in this document have been prepared in accordance with IFRS, which differ in certain material respects from U.S. GAAP and thus may not be comparable to the consolidated financial statements of U.S. companies. The financial information included in this document is not intended to, and does not, comply with the financial reporting requirements of the SEC. Compliance with such requirements would require, among other things, the presentation of U.S. GAAP financial information. No comparative segment information was provided for our e-Commerce transactions business prior to 2012 since an insignificant amount of revenue was generated from e-Commerce transactions, which was not a reportable segment prior to January 1, 2012. As a result, discussions of our results of operations as of and for the six months ended June 30, 2012 in this document are based on our current segmentation, and discussions of our results of operations as of and for the years ended 2009, 2010 and 2011, and as of and for the six months ended June 30, 2011, in this document are based on our previous segmentation. In addition, we refer to the terms EBITDA and Adjusted EBITDA (as defined in “Summary Consolidated Financial and Other Data—Other Financial Data”) in various places in this document. These are supplemental financial measures that are not prepared in accordance with U.S. GAAP or IFRS and are therefore referred to as “non-GAAP financial measures”. Any analysis of non-GAAP financial measures should be used only in conjunction
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