Goldman Sachs: Confidence in Tencent Holdings (00700) strengthens target price of HK$701

The Zhitong Finance App learned that Goldman Sachs released a research report saying that confidence in the future of Tencent Holdings (00700) is growing. It believes that through investment, Tencent's moat continues to deepen. With its unique WeChat ecosystem and global gaming assets, it can become one of the companies that can benefit most from the development of AI applications in the Chinese Internet industry, giving it a “buy” rating, with a target price of HK$701.

Tencent recently held the 2025 Tencent Global Digital Ecosystem Summit in Shenzhen. Management emphasized that intelligence-driven efficiency improvements and globalization-driven scale expansion have become two major growth engines for Tencent Cloud and its ecosystem partners. It is also revealed that over the past year, more than 30 mixed models have been released. It is expected that AI will be used in games, marketing services, native applications, and internal productivity improvements to drive geometric business growth. Management said that Tencent Cloud will strengthen its expansion in overseas markets. Over the past three years, the compound annual growth rate of overseas market revenue has reached a high double-digit percentage, and the number of international customers has doubled year-on-year.