Lei Jianping on April 9
Tencent recently submitted its 2023 annual report. According to the annual report, as of December 31, 2023, Tencent's major shareholder MIH Internet Holdings B.V held 24.96% of the shares.
腾讯CEO马化腾持股8.49%。
MIH is controlled by Naspers Limited through its non-wholly owned subsidiary, Prosus N.V. MIH Internet Holdings B.V. is a wholly owned subsidiary of Prosus N.V.
As of December 31, 2022, MIH held 26.93% of the shares, and Ma Huateng held 8.41% of the shares.
Tencent's shareholding structure as of December 31, 2022
By comparison, it can be found that Prosus will reduce its holdings of Tencent by 1.97 percentage points in 2023.
Considering that Tencent's share price was above HK$300 for most of 2023, Prosus conservatively cashed out more than HK$60 billion in 2023.
As of December 31, 2021, Ma Huateng held 8.38% of the shares and Martin Lau held 0.58%. Prosus holds a 28.82% stake through MIH TC. It can be seen that Prosus also reduced its stake in Tencent by 1.89% in 2022, and the reduction will be even greater in 2023.
Tencent's shareholding structure as of December 31, 2021
Overall, Ma Huateng's shareholding has continued to increase slightly in the past two years, while Prosus' shareholding has decreased by nearly 4 percentage points.
In June 2022, Prosus announced the launch of a long-term, open-ended buyback program to increase the group's net asset value per share, which was obtained through the orderly and small sale of Tencent shares by Naspers. For other Tencent investors, it has been a long and painful journey.
Since entering 2024, Tencent's share price has been depressed for a long time, and in order to hedge the impact of the stock price downturn, Tencent has increased the daily repurchase amount to HK$1 billion.
After the release of its 2023 financial report, Tencent proposes to pay a dividend of HK$3.40 per share (approximately HK$32 billion) for the year ended December 31, 2023, an increase of 42%, and plans to at least double the scale of share buybacks, from HK$49 billion in 2023 to over HK$100 billion in 2024.
In the media communication conference after the release of Tencent's 2023 annual report, Martin Lau said that increasing buybacks is the most beneficial plan for shareholders, especially when the stock price is undervalued, and Tencent has the ability to continue to give back to shareholders.
Martin Lau receives an annual salary of 52.48 million
Tencent's revenue in 2019, 2020, 2021, 2022 and 2023 will be 377.289 billion yuan, 482.064 billion yuan, 560.118 billion yuan, 554.552 billion yuan and 609.015 billion yuan respectively, and the gross profit will be 167.533 billion yuan, 221.532 billion yuan, 245.944 billion yuan, 238.746 billion yuan and 293.109 billion yuan respectively.
Tencent's value-added service business revenue in the fourth quarter of 2023 was 69.1 billion yuan, down 2% year-on-year.
Tencent's value-added service business includes game revenue, Tencent's game revenue in the fourth quarter of 2023 was 40.9 billion yuan, down 11% from 46 billion yuan in the previous quarter, equivalent to a loss of 5.1 billion yuan in revenue, down 2% from 41.9 billion yuan in the same period last year, and a loss of 1 billion yuan in revenue.
Among them, Tencent's game revenue from the international market in the fourth quarter of 2023 was 13.9 billion, a year-on-year increase of 1%, and a decline of 1% after excluding foreign exchange rate fluctuations, reflecting Supercell's repositioning of several of its games.
Tencent's domestic game revenue in the fourth quarter of 2023 was RMB27 billion, down 3% year-on-year, due to lower contributions from Honor of Kings and Peace Elite, partially offset by contributions from Tencent's recently launched games such as Valorant and Ark of Destiny.
It is no wonder that at the beginning of the year, Ma Huateng criticized Tencent Games, saying that Tencent is known as the world's largest game company, but in the past year, we have been challenged a lot, and the new generation of game companies has emerged in an endless stream. Ma Huateng pointed out that Tencent Games cannot lie on the credit book, and if it does not advance, it will retreat.
Tencent's profit in 2019, 2020, 2021, 2022 and 2023 was RMB95.888 billion, RMB160.125 billion, RMB227.81 billion, RMB188.709 billion and RMB118.048 billion, respectively, and its adjusted net profit was RMB108.052 billion, RMB143.241 billion, RMB152.729 billion, RMB143.203 billion and RMB191.886 billion, respectively.
As of December 31, 2023, the combined monthly active accounts of WeChat and WeChat were 1,343 million, up 2% from 1,313 million in the same period last year and up 0.5% from 1,336 million in the previous quarter. QQ's mobile monthly active accounts were 554 million, down 3% from 572 million in the year-ago quarter and down 0.7% from 558 million in the previous quarter.
The directors of Tencent are Chairman of the Board and CEO Pony Ma, the non-executive directors are Jacobus Petrus (Koos) Bekker and Charles St Leger Searle, and the independent non-executive directors are Li Dongsheng, Ian Charles Stone, Yang Shaoxin, Ke Yang and Zhang Xiulan.
Tencent President Martin Lau ceased to serve as a director as of May 17, 2023.
Ma Huateng's total salary in 2023 will be 42.92 million yuan, and Martin Lau's will be 52.478 million yuan, mainly including 40.316 million yuan of share-based compensation expenses, 9 million bonuses, 2.69 million salaries and 472,000 robe fees. Last year, Martin Lau's annual salary was 187 million yuan, equivalent to a drop of 72%.
Martin Lau's annual salary in 2022
Martin Lau's annual salary in 2022 includes a salary of 7.35 million, a bonus of 20.44 million, and a share-based compensation expense of 158 million yuan. The sharp decline in annual salary is mainly due to the impact of the shrinkage of more than 100 million yuan in stock remuneration.
As of today's close, Tencent's share price was HK$305, with a market capitalization of HK$2,880.8 billion.
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