Chinese technology multinational Tencent Holdings (HKG:0700, OTC:TCEHY) repurchased approximately 103.7 million of its own shares in the second quarter of 2024 for a total consideration of around 37.5 billion Hong Kong dollars.
Additionally, the WeChat owner paid around 31.7 billion HKD as a final dividend from the previous financial year
In US dollar terms, that amounts to around $8.88 billion returned to shareholders in the quarter.
Tencent has ramped up its shareholder distributions in recent times, having pledged 100 billion HKD ($12.8 billion) in buybacks for the current financial year, more than double the rate of buybacks in 2023.
The group’s accelerated revenue growth and enhanced cash position (free cash flow was up 35% year on year to $5.7 billion in the latest quarter) have supported this policy.
Alongside WeChat, which is one of the most popular mobile applications in the world, the group owns sizeable stakes in lucrative gaming franchises including League of Legends and PlayerUnknown's Battlegrounds.
It also holds an interest in South Korean internet and entertainment giant Kakao and Fortnite developers Epic Games.
Chairman Ma Huateng stated of the group’s second quarter: “Our Domestic Games revenue resumed growth, and our International Games revenue accelerated growth, due to increased user engagement at several of our evergreen titles, and the successful launches of certain new games.
“Tencent Video achieved notable audience and subscriber growth with drama series developed from China Literature IP and produced internally.
Looking forward, we continue to invest in our platforms and technologies including AI, enabling us to create new business value and better serve user needs."