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Tencent bites its Naspers tail

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For the first time in years, Tencent's dividends to Naspers may come under pressure, which bodes ill for its efforts to diversify away from the Chinese tech giant.

It wasn’t the first time Naspers has issued a profit warning; its substantial investments in various e-commerce ventures, as well as the odd corporate restructuring, make it almost inevitable. But this is the first time Tencent has played a contributing role to an expected decline in core annual headline earnings.

As usual, management seems upbeat about its performance; 2022, it says, was “a year of progress”. Naspers remained focused on “delivering strong operational growth across our core segments”. It invested $6.2bn in new acquisitions and existing business to expand the group’s ecosystem and “to position the business for continued long-term growth in line with long-term strategy”. You get the message? This is all about good things happening some time in the future...

 

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