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Universal Music Group and Tencent Music Entertainment Group Enter Into Strategic Agreement Significantly Expanding Chinese Music Market
UNIVERSAL MUSIC GROUP AND TENCENT MUSIC ENTERTAINMENT GROUP ENTER INTO STRATEGIC AGREEMENT SIGNIFICANTLY EXPANDING CHINESE MUSIC MARKET – Provides Vast Multi-Platform Distribution and Marketing Opportunities Across China – Companies to Develop Abbey Road Studios China to Create World-Class Recording Studio and Accelerate Development of Local Talent SHENZHEN and SANTA MONICA, MAY 16, 2017 – Universal Music Group (UMG), the world leader in music-based entertainment, and Tencent Music Entertainment Group (TME), a leading digital music distribution platform in China, today announced the signing of a landmark licensing agreement that will significantly expand the Chinese music market. Under the terms of the multi-year agreement, TME will distribute music from UMG’s roster of record labels and global recording stars on its streaming platforms QQ Music, KuGou and Kuwo. TME will also be UMG’s master distribution and licensing partner to exclusively sub-license UMG’s content to third- party music service providers in China. Both parties will work together to find new ways to develop artists, to innovate business models and to reinforce a robust copyright protection environment. In addition, TME will support UMG artists to promote their music, leveraging Tencent online properties and other media channels. In China, TME is one of the largest music platforms, providing over 17 million songs to 600 million monthly active users. TME is a strong advocate of authorized music and has earned industry recognition for driving growth in the digital music industry, with more than 15 million paying subscribers. UMG represents one of the most comprehensive catalogues of recordings and songs across every music genre. -
Tencent Holdings Ltd. (700 HK) INTERNET
17 November 2016 EQUITIES Tencent Holdings Ltd. (700 HK) INTERNET Buy: Platform strategy offsets weak game performance China Strong 3Q revenue despite soft mobile games MAINTAIN BUY Performance ads and payment revenue beat expectations TARGET PRICE (HKD) PREVIOUS TARGET (HKD) Maintain Buy and trim TP to HKD245 from HKD256 245.00 256.00 3Q results highlight power of its platform. The key strength of Tencent's strategy, in our view, is the different ways it can monetize the high user base and engagement SHARE PRICE (HKD) UPSIDE/DOWNSIDE on all of its social properties. When one monetization engine slows, it is able to fire 196.90 +24.4% up another engine. In 3Q, total revenue grew 52% y-o-y, beating our estimate by 2%, (as of 16 Nov 2016) as lower than expected smartphone game revenue (its biggest revenue category) MARKET DATA was offset by social subscription, payment and strong performance-based ads Market cap (HKDm) 1,864,046 Free float 52% Market cap (USDm) 240,306 BBG 700 HK revenue. Tencent has the traffic, products and ad inventory to manage through short- 3m ADTV (USDm) 426 RIC 0700.HK term weaknesses in a particular business to maintain very strong revenue growth. FINANCIALS AND RATIOS (CNY) Strong revenue growth with slight miss on EPS. Total revenue grew 52% y-o-y to Year to 12/2015a 12/2016e 12/2017e 12/2018e MB40bn, 3% above consensus. EPS of RMB1.24 was 4% below our estimate but in- HSBC EPS 3.44 4.80 6.84 8.31 HSBC EPS (prev) - 4.86 7.47 9.35 line with consensus. -
China's Rise in Artificial Intelligence
EQUITY RESEARCH | August 31, 2017 Piyush Mubayi +852-2978-1677 [email protected] Goldman Sachs (Asia) L.L.C. Elsie Cheng +852-2978-0820 [email protected] China's Rise in Goldman Sachs (Asia) L.L.C. Heath P. Terry, CFA +1-212-357-1849 [email protected] Artificial Intelligence Goldman Sachs & Co. LLC The New New China Andrew Tilton For the exclusive use of [email protected] +852-2978-1802 China has emerged as a major global contender in the field of AI, the apex [email protected] technology of the information era. In this report, we set out China’s Goldman Sachs (Asia) L.L.C. ambitious top-down plans, the factors (talent, data and infrastructure) Tina Hou that make China unique and the companies (Baidu, Alibaba and Tencent) +86(21)2401-8694 that are making it happen. We believe the development of an ‘intelligent [email protected] economy’ and ‘intelligent society’ by 2030 in China has the potential to Beijing Gao Hua Securities drive productivity improvement and GDP growth in the next two decades. Company Limited Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. -
[TME] - Tencent Music Entertainment Group Second Quarter 2019 Financial Results Conference Call Monday, August 12, 2019, 8:00 PM ET
[TME] - Tencent Music Entertainment Group Second Quarter 2019 Financial Results Conference Call Monday, August 12, 2019, 8:00 PM ET Officers Millicent Tu, VGM, IR Cussion Pang, CEO Tony Yip, CSO Shirley Hu, CFO Analysts John Egbert, Stifel, Nicolaus Alex Yao, JPMorgan Chase Eddie Leung, Bank of America Merrill Lynch Piyush Mubayi, Goldman Sachs Group Thomas Chong, Jefferies Hans Chung, KeyBanc Capital Markets Gary Yu, Morgan Stanley Presentation [Technical Difficulty] Operator: Ladies and gentlemen, good evening and good morning, and thank you for standing by. Welcome to the Tencent Music Entertainment Group's Second Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. (Operator Instructions). Today you will hear discussions from the management team of Tencent Music Entertainment Group, followed by a question-and-answer session. (Operator Instructions). Please be advised that this conference is being recorded today. If you have any objections, you may disconnect at this time. Now, I will turn the conference over to your speaker host today, Ms. Millicent Tu. Please go ahead. Millicent Tu: Thank you, operator. Hello, everyone, and thank you all for joining us on today's call. Tencent Music Entertainment Group announced its financial results for the second quarter of 2019 today after the market close. An earnings release is now available on our IR website at ir.tencentmusic.com, as well as via newswire services. Today you will hear from Mr. Cussion Pang, our CEO, who will start off the call with an overview of our recent achievements and growth strategy. He will be followed by Mr. -
Announcement of the Annual Results for the Year Ended 31 December 2020
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2020. The results have been audited by the Auditor in accordance with International Standards on Auditing. In addition, the results have also been reviewed by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Unaudited Three months ended Year- Quarter- 31 December 31 December on-year 30 September on-quarter 2020 2019 change 2020 change (RMB in millions, unless specified) Revenues 133,669 105,767 26% 125,447 7% Gross profit 58,881 46,108 28% 56,647 4% Operating profit 63,713 28,604 123% 43,953 45% Profit for the period 59,369 22,372 165% 38,899 53% Profit attributable to equity holders of the Company 59,302 21,582 175% 38,542 54% Non-IFRS profit attributable to equity holders of the Company 33,207 25,484 30% 32,303 3% EPS (RMB per share) – basic 6.240 2.278 174% 4.059 54% – diluted 6.112 2.248 172% 3.964 54% Non-IFRS EPS (RMB per share) – basic 3.494 2.690 30% 3.402 3% – diluted 3.413 2.643 29% 3.314 3% 1 Year ended 31 December Year- on-year 2020 2019 change (RMB in millions, unless specified) -
Announcement of the Annual Results for the Year Ended 31 December 2017
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017 The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2017. The results have been audited by the Auditor in accordance with International Standards on Auditing. In addition, the results have also been reviewed by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Unaudited Three months ended 31 31 Year- 30 Quarter- December December on-year September on-quarter 2017 2016 change 2017 change (RMB in millions, unless specified) Revenues 66,392 43,864 51% 65,210 2% Gross profit 31,495 23,626 33% 31,681 -1% Operating profit 25,724 13,930 85% 22,746 13% Profit for the period 21,622 10,523 105% 18,047 20% Profit attributable to equity holders of the Company 20,797 10,529 98% 18,006 16% Non-GAAP profit attributable to equity holders of the Company 17,454 12,332 42% 17,070 2% EPS (RMB per share) - basic 2.206 1.121 97% 1.912 15% - diluted 2.177 1.108 96% 1.888 15% Non-GAAP EPS (RMB per share) - basic 1.852 1.313 41% 1.812 2% - diluted 1.827 1.298 41% 1.790 2% — 1 — Year ended 31 December Year-on-year 2017 2016 change (RMB in millions, unless specified) Revenues -
MCM China Phase 1
China Luxury Digital Playbook No ordinary love – the changing relationship between brands and Chinese millennials Tencent x BCG luxury consumer insight study Tencent data Consumer survey Data source Tencent DMP Tencent platform users’ survey responses 1.8mn Chinese luxury consumers 2620 consumers Sample size (customized BCG x Tencent tags) (luxury buyers in past 12 months) Key outputs Luxury consumer profiling Luxury touchpoints and purchase pathway 1 Copyright © by 2017 The Boston Consulting Group, Inc. All rights reserved. Chinese luxury consumers to drive global luxury growth Chinese personal luxury market to grow at 6% CAGR 40% of global true luxury market will be in China € billion, retail value € billion, retail value 162 409 +6% 31% 327 +4% 105 247 98 95 28% 27% 28% 222 69% 40% 72% 73% 73% 32% 162 105 2015 2016 2017 2024F 2017 2024F True luxury Accessible luxury 70% of global growth 1. Monthly household disposable income >23k RMB in 2016 prices Note: Chinese includes purchases abroad; personal includes leather accessories, apparel, watches and jewelry and perfumes and cosmetics 2 Copyright © by 2017 The Boston Consulting Group, Inc. All rights reserved. Source: BCG Luxury Market Model 36% 32% 28 Average 13% Age 8% 6% 6% <18 18-24 25-30 31-35 36-40 41+ TGI1 47 148 140 111 88 24 They are very 63% 16% young, better Education 12% 8% educated, Primary school High school College degree Graduate or Ph.D more female TGI1 100 145 321 505 71% 29% Gender Male Female TGI1 54 176 1. TGI measures whether the group is over or under represented compared to the general population (base = 100) 3 Copyright © by 2017 The Boston Consulting Group, Inc. -
Targeting Plan for Attracting the Top Tech Companies to GM
Targeting Plan for Attracting the Top Tech Companies to GM Andrew Toolan, Head of Creative Digital and Tech, MIDAS September 2018 Contents Executive Summary……………………………………………………………………………………………………………….p1 Which Companies to Target ……………………………………………………………………………………………….p2 Top 21 Companies……………………………………………………………………………………………………………….p3 Type of Information Researched………………………………………………………………………………………….p4 Other Tech Targeting Campaigns……………………………………………………………………………………….p7 Planning Stages and Deadlines…..……………………………………………………………………………………….p9 Appendix: Company Profiles: GAFAM……………………………….………………………………………………………………….p10 Company Profiles: NATU…………………………….……………………………………………………………………….p31 Company Profiles: BAT…………………………….…………………………………………………………………………..p48 Company Profiles: Forbes 2018 List………………………………..…………………………………………………..p61 Executive Summary This paper sets out a plan for building more strategic relationships between Greater The new opportunities could come from innovation driven projects that address a company’s Manchester (GM) and the worlds largest tech companies. The aim is that closer collaboration focus, areas of interest and their challenges. It could also come via market opportunities by will ultimately lead to increased levels of partnerships, investment and job creation. partnering with GM and its various institutions on areas such as ‘digitisation and delivery of public services’. These opportunities will be positioned with the inward investment pitch but MIDAS have selected 21 companies that in 2018, were either the largest tech firms by market help GM stand out from our competitor locations by being more tailored to company needs. capitalisation, major brands or the key employers/job creators within their sector. In order to This Top 21 campaign will run in parallel (and compliment) other tech targeting campaigns develop a more strategic approach we need to get a better understanding of these such as the CDT Sub-Sector Campaign; NexGen Campaign and Emerging Tech/Data City companies in terms of their goals, challenges and areas of focus. -
The Changing Face of China's Music Market Musicdish*China, May 2017 China’S Old Music Industry Changing Landscape
THE CHANGING FACE OF CHINA'S MUSIC MARKET MUSICDISH*CHINA, MAY 2017 CHINA’S OLD MUSIC INDUSTRY CHANGING LANDSCAPE • 2013 estimated value of recorded music industry of US$82.6 million (5.6% increase), 21st largest (IFPI) • 2015 estimated value of recorded music industry of US$169.7 million (63.8% increase), 14th largest (IFPI) • 2016 value of recorded music industry grew 20.3% on 30.6% increase in streaming revenue, 12th largest (IFPI) • Digital music industry compound annual growth rate (2011-15): +28.5% (Nielsen) • Government policy: copyright law and enforcement • Market consolidation & music licensing • Shift to smartphone, lower mobile data cost, increased connectivity 40 Tencent: QQ + Kugou + Kuwo ~ 78% 30 Netease 9% 20 Xiami (Alibaba) 10 4% Other: Baidu, Apple Music,… 9% 0 QQ Kugou Kuwo Netease Xiami Other STEFANIE SUN & APPLE MUSIC • EP “RAINBOW BOT” EXCLUSIVELY ON APPLE MUSIC • EXCLUSIVE 3 MINUTE DOCUMENTARY • RANKED NUMBER 4 FOR “5 CAN’T-MISS APPLE MUSIC EXCLUSIVE ALBUM” STREAMING WARS: TENCENT VS. NETEASE • 10th most valued company, world’s largest video game company by revenue, WeChat has 889M active users • Tencent has 600M active monthly users and over 15M paying music subscribers • QQ Music has 200M active monthly users • Combined with Kuwo and Kugou (CMC acquisition), control 77% of music streaming market • NetEase Music Cloud recently joined ranks of unicorns • Netease has over 300M active monthly users MOBILE MUSIC LANDSCAPE • 2015 mobile music industry US$945 million • Estimated 2016 mobile music industry US$1.4 billion -
Tencent Cloud Comunication Solutions for China
Tencent Cloud Comunication Solutions for China 28.10.2020 © 2020 Tencent Cloud, LLC. All rights reserved. AGENDA • Tencent: “A Chinese Digital Dragon” • The Chinese opportunity • Who is Tencent? • Globalization strategy • Public Cloud • Cloud Communication Solutions • Tencent VooV Meeting • WeChat Work • Tencent Cloud Conference & Exhibition © 2020 Tencent Cloud, LLC. All rights reserved. - Tencent, “A Chinese Digital Dragon” 4 Founded in 1998 and headquartered in Tencent by the numbers: Shenzhen, Tencent is one of the largest • 550+ billion USD market capitalization** technology companies in the world and a global leader in messaging, social media, gaming, • 1.203+ billion monthly active Weixin/WeChat mobile payment, music streaming, digital users* literature, video and other digital content services. • 112 million video subscriptions* • #1 Mobile Payment in China by monthly active users and daily active users* • 62,000+ employees* *As of March 2020 **As of June 10, 2020 © 2020 Tencent Cloud, LLC. All rights reserved. Tencent - User Centric 360-Degree Ecosystem 6 TEG PCG IEG WXG CSIG CDG Technical Platform & Content Interactive Weixin (WeChat) Cloud & Smart Industries Corporate & Engineering Group Group Entertainment Group Group Group Development Group Tencent QQ Tencent Games WeChat Tencent Cloud Tencent Fintech Big Data Tencent YouTu QQ zone Tencent Tencent Tencent e-Sports Marketing WeChat Pay Transit QR Code AI Lab Tencent App Store Solution Tencent Maps WeiShi Timi Studio Tencent Security WeChat Work Platform Smart Retail Tencent News Lightspeed & Mr. Translator Tencent Quantum Studio QQ Mail Data Center QQ Browser Tencent Mobile Manager Tencent Animation Tencent PC Manager Aurora Studio WeRead Tencent Pictures Tencent Miying Next Studio Auto intelligence Penguin Pictures Mini Program Tencent HealthCare Tencent Video MOREFUN Official Tencent Autonomous Studio Account Driving Kuai Bao Tencent Classroom © 2020 Tencent Cloud, LLC. -
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。 -
Analysis on How to Improve the Equity Incentive System of High-Tech Industry in China: Taking Tencent As an Example
Advances in Social Science, Education and Humanities Research, volume 351 4th International Conference on Modern Management, Education Technology and Social Science (MMETSS 2019) Analysis on How to Improve the Equity Incentive System of High-tech Industry in China: Taking Tencent as an Example Sinong Chen1, a 1Capital University of Economics and Business, Beijing, China [email protected] Keywords: Listed company, High-tech industry, Equity incentive, Tencent. Abstract. With the rapid development of economy and the intensification of competition, the competition of high-tech industry is particularly fierce in the information age. As the equity incentive is a necessary factor in the development of any company including high-tech industry, this study will take Tencent as a sample to analyze the feasibility and hidden problems of Equity incentive policies of high-tech companies, and propose suggestions based on the analysis of hidden problems. 1. Introduction In China, the listed high-tech companies share many characteristics in common, such as high intelligence, high investment and high risk. Because of its particularity, the industry has become the industry with the most Equity incentives. So far, 61.85% of the hi-tech companies have implemented Equity incentive plans. and are also growing rapidly. This paper takes Tencent, the industry leader, as an example to analyze that how to improve the Equity incentive system of high-tech companies in China. The paper measures the trend of the owner's investment return by comparing the annual net return on equity from 2004 to 2017. Asset-liability ratio, current ratio, stock price trends will be analyzed.