Tencent Stock (0700): Where the Shares Actually Trade, and What Each Venue Owes You

Updated 13 August 2026. Everything below comes from Tencent Holdings Limited's own disclosures — its 12 August 2026 results release, the version filed with the Hong Kong exchange, and its 2025 annual report — from registration statements filed with the U.S. Securities and Exchange Commission, from Prosus N.V.'s own annual report, from the order-book and quote services of Tradegate Exchange GmbH and Deutsche Börse, and from the U.S. Federal Register.

"Tencent stock" is not one thing. The same company reaches an investor through two order books in Hong Kong, a US depositary layer registered by two different banks, and a euro-denominated line in Germany — different currencies, different books, different disclosure regimes behind each. A quote page gives you a number; it does not tell you which venue you are standing in or what that venue owes you. This page takes the venues one at a time and sources each line to the document it came from. It contains no price target, no forecast and no price.

Hong Kong: one exchange, two counters

The primary listing is the reference point for everything else, and it is itself split in two. The masthead of the company's results release reads "Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter))." The exchange-filed version carries "Stock Codes: 700 (HKD counter) and 80700 (RMB counter)," and the Corporate Information page of the 2025 annual report lists both. One company, one class of shares, two separate order books in two currencies on the same exchange.

The identity behind them, from the accounts: the company was incorporated in the Cayman Islands with limited liability, its shares have been listed on the Main Board of the Stock Exchange since 16 June 2004, and it describes itself as an investment holding company whose group is principally engaged in VAS, Marketing Services, and FinTech and Business Services. It reports in RMB. Four jurisdictions are in play before you reach the business.

The US depositary layer, and why there is no single official Tencent ADR

This is where confident writing usually goes wrong, so here is only what the filings say. Form F-6EF, filed with the SEC on 7 January 2025, depositary Citibank, N.A., states in its registration-fee table: "American Depositary Shares ('ADSs'), each ADS representing the right to receive one (1) share of common stock of Tencent Holdings Limited." That programme's ratio is 1 : 1, on 100,000,000 ADSs registered, effective immediately on filing; the same wording appears in an earlier Citibank filing of 3 August 2018. A ratio is a registered term. It cannot be inferred by dividing one venue's price by another's, and this page does not do so.

What is not established deserves the same prominence:

• Two banks, in parallel. SEC filer 0001625990, carried on EDGAR as "Tencent Holding Limited/ADR", holds nine F-6EF filings between 2014 and 2025 — depositary Citibank, N.A. in 2025 and 2018, The Bank of New York Mellon in 2021 and 2019, the 2021 filing registering 400,000,000 ADSs. No single programme is "the" Tencent ADR.
• The BNY Mellon ratio was not read. It is not in the body of that filing; the cross-reference sheet places it on the face of the receipt, in an exhibit not opened. Only the Citibank ratio is stated above, and only as Citibank's.
• Neither filing says "sponsored" or "unsponsored". Neither word appears. What the 2025 filing does say is that the depositary represents, on reasonable good-faith belief after diligence, that Tencent "publishes in English the information contemplated in Rule 12g3-2(b)." That wording is reproduced; no label is attached to it.
• No US ticker or trading venue is named here. The venue operator's own profile service — the correct primary source — returned a scheduled-maintenance page on 13 August 2026. Until it is read, no symbol, tier or market name appears on this page.

The most telling detail is an omission by the issuer itself. The 2025 annual report devotes a full Corporate Information page to stock codes, registrars and transfer offices, and says nothing about any ADR programme. Treating a US depositary line as an official Tencent instrument claims more than the company discloses.

Germany: an ordinary-share line, in euro, in the Open Market

Read from the order-book page of Tradegate Exchange GmbH on 13 August 2026, in that page's own field labels: WKN A1138D, symbol NNND, ISIN KYG875721634, trading currency EUR, segment Freiverkehr.

Two structural facts follow. The German line is the ordinary share, not a depositary receipt — the ISIN carries the KY prefix of the Cayman Islands, the issuer's own jurisdiction of incorporation, rather than US or DE. And Freiverkehr is the Open Market: exchange-regulated, and not the EU-regulated market. That is a real difference in disclosure regime, not a formality. Which admission and ongoing obligations attach to this instrument in that segment, and who applied for its inclusion, were not established from a primary source and are not asserted here.

On Xetra, the honest answer is a controlled negative. Deutsche Börse's own quote service was queried by venue MIC for this ISIN on 13 August 2026. Frankfurt (XFRA) returned a payload with instrument status "Active"; Xetra (XETR) returned an empty body — while three controls answered normally (SAP on both Xetra and Frankfurt, Apple's US line on Xetra), and an invalid ISIN failed loudly with HTTP 400 rather than returning nothing. So Frankfurt and Tradegate are sourced; a Xetra listing is not established. The evidence points away from one, but this page will neither claim a Xetra listing nor assert its absence as a fact.

One practical consequence: the company reports in RMB, the primary listing prices in HKD and RMB, the last declared dividend was set in HKD, and this book trades in EUR — two currency translations between the accounts and the contract note, none of which appears in the company's figures.

The same construction appears at a second Hong Kong-listed issuer: Lenovo Stock (0992): The German Subsidiary, the Pension Liability and the Segments That Report — two counters in two currencies on one exchange, and a German reference that carries the Hong Kong ordinary share itself rather than a depositary receipt.

Amsterdam, indirectly: the Prosus holding

The largest shareholder is European and listed. Tencent's 2025 annual report discloses, as at 31 December 2025, MIH Internet Holdings B.V. with 2,079,512,000 shares, approximately 22.80 %, and Advance Data Services Limited with 804,859,700 shares, approximately 8.82 %, against 9,120,235,999 shares in issue. MIH is a wholly-owned subsidiary of Prosus N.V., itself a non wholly-owned subsidiary of Naspers Limited; all three are deemed interested in the same block. Advance Data Services Limited is wholly owned by Ma Huateng, the Chairman and CEO.

Prosus reports a different figure for a different date. For the year ended 31 March 2026: "Prosus held 22.66% of Tencent at the end of the reporting period." Its notes explain it — from April 2025 to end-March 2026 the group sold 0.9 % of Tencent's issued share capital for total proceeds of US$6.5bn, and alongside Tencent's own buyback this reduced the stake from 23.5 % to 22.66 %, with proceeds funding Prosus's own repurchases. The year before it sold 1.1 %, from 24.6 % to 23.5 %. Prosus's auditors treat the accounting for the Tencent investment as a key audit matter.

22.80 % at 31 December 2025 and 22.66 % at 31 March 2026 do not contradict each other. They are three months apart on a seller's multi-year path down. Both belong with their dates attached, and no current percentage is stated here — nothing later than 31 March 2026 was read. The link also sits on the board: the results announcement names Jacobus Petrus (Koos) Bekker and Charles St Leger Searle as non-executive directors, the annual report recording Bekker as non-executive chair of Prosus N.V., which it describes as "listed on the Euronext Amsterdam and on the Johannesburg Stock Exchange."

On European operating assets, the audited principal-subsidiaries note supports exactly one in games: Supercell — "Established in Finland, limited liability company", paid-in capital EUR 2,500, group equity interest 93.48 %. The same note places Riot Games, Inc. in the United States ("Established in the United States", 100 % held), so it is not listed here among European assets despite its European esports presence. No other European or German studio holding could be sourced from any primary record, and none is claimed — though that note is expressly a principal-subsidiaries list, so absence from it is not proof of absence, which is why this is recorded as unestablished rather than denied.

What every venue sits on top of: the Structure Contracts

Whichever book you trade, the asset is an interest in a Cayman holding company whose Chinese operations are attached contractually. Tencent does not use the term "VIE"; its own words are "Structure Contracts" and "OPCOs". PRC law limits foreign investment in value-added telecommunications services, the group's foreign-invested enterprises hold no such licences, and that business is therefore conducted through Tencent Computer, Shiji Kaixuan and Shenzhen Tencent Tianyou. Through the contracts the group is "able to recognise and receive the economic benefit" of those operations, and they are designed to give the company "effective control over and (to the extent permitted by PRC law) the right to acquire the equity interests in and/or assets of the OPCOs." For 2025 the report states there was no material change and that none has been unwound.

The registered owners are individuals rather than the listed company — Tencent Computer and Shiji Kaixuan registered 54.29 % to Ma Huateng, 22.85 % to Zhang Zhidong and 11.43 % each to Xu Chenye and Chen Yidan. Aggregate gross revenue of the OPCOs subject to the contracts was approximately RMB 430 billion for the year ended 31 December 2025, and the independent non-executive directors confirmed that no dividends or other distributions were made by the OPCOs during the year.

The risk language that follows is the issuer's own, quoted as such — not this page's assessment and not a prediction: "These contractual arrangements may not be as effective in providing control as direct ownership." There are "substantial uncertainties regarding the interpretation and application" of applicable PRC law, and "there can be no assurance that the PRC regulatory authorities and PRC courts will not take a view that is contrary to the position of the Company's PRC legal advisers."

The quarter reported on 12 August 2026

The latest reported period is the three and six months ended 30 June 2026, announced 12 August 2026. Both halves of the audit status matter: the company announces unaudited consolidated results and states that the interim financial information "has been reviewed by the Auditor in accordance with International Standard on Review Engagements 2410 … and by the Audit Committee." Every results column is headed "Unaudited"; only the 31 December 2025 comparative balance sheet is headed "Audited".

Second quarter 2026, RMB million, against the prior-year quarter: revenues 204,785 (184,504), +11 %; gross profit 118,433 (105,013), gross margin 58 % from 57 %; operating profit 67,276 (60,104), operating margin steady at 33 %; profit attributable to equity holders 56,022 (55,628), +0.7 %; basic EPS RMB 6.207. The quarter includes a share of losses of associates and joint ventures of RMB 9,993 million against a RMB 4,473 million profit a year earlier — reported without explanation in any document read, and none is supplied here. For the six months: revenues 401,243, +10 %; operating profit 134,651, +14 %; profit attributable to equity holders 114,115, +10 %. The financial year ends 31 December, so these are half-year figures, not annual ones.

Segments, in the company's own names, 2Q2026 revenue in RMB million: VAS 98,414, Marketing Services 43,565, FinTech and Business Services 60,286, Others 2,520. Within VAS the release gives Domestic Games RMB 47.3 billion, up 17 %; International Games RMB 18.6 billion, down 0.8 % on currency movements, "or up 4 % year-on-year in constant currency terms"; and Social Networks RMB 32.5 billion, up 0.8 %. The Others segment ran a gross loss of RMB 884 million against a RMB 253 million gross profit a year earlier — again reported, not explained.

The most consequential line sits in the cash flow. Capital expenditure was RMB 52,784 million, up 176 % year on year, and the company reports a "negative free cash flow of RMB13.8 billion" for the quarter, stating that operating cash flow included "large AI-related prepayments" without which free cash flow "would have been RMB37.6 billion." Both halves belong together. The net cash position fell 22 % to RMB 58,191 million from RMB 146,860 million at 31 March 2026, while combined monthly active users of Weixin and WeChat reached 1,439 million, up 2 %.

Distributions, exactly as declared

A final dividend for the year ended 31 December 2025 of HKD 5.30 per share (2024: HKD 4.50) was proposed by board resolution of 18 March 2026, approved at the 2026 AGM, and paid during the six months ended 30 June 2026, amounting to approximately HKD 47.9 billion. The same note states, verbatim: "The Board did not declare any interim dividend for the six months ended 30 June 2026 and 2025." Both sentences are required; the first alone implies a payment that was not made. No yield and no currency conversion appears here — the dividend was declared in HKD while the German line trades in EUR, and any conversion is a computed figure that changes daily.

On buybacks: during the six months ended 30 June 2026 the company repurchased 50,031,100 shares for an aggregate consideration of approximately HKD 24.4 billion before expenses, and the repurchased shares were subsequently cancelled, for the stated purpose of "enhancement of shareholder value in the long term." The filed monthly table shows no repurchases in February 2026. The highest and lowest prices paid, which the same table carries, are prices and are not reproduced.

A US designation: the notice, the authority, the date

On 10 June 2026 the U.S. Department of Defense, Office of the Under Secretary of Defense (Acquisition and Sustainment), published in the Federal Register — volume 91, number 111, pages 35189–35194, FR Doc 2026-11571, Docket DOD-2026-OS-1288 — a notice titled "Notice of Availability of Designation of Chinese Military Companies." Its action line reads "Notice of Chinese military companies operating in the United States," and its summary states that "The Deputy Secretary of Defense has determined that the entities listed in the SUPPLEMENTARY INFORMATION section of this notice satisfy the requirements to be designated as a 'Chinese military company.'" The statutory basis is Section 1260H of the FY2021 National Defense Authorization Act, under which such a list is identified and published annually until 31 December 2030, with the unclassified portion published in the Federal Register.

The entire Tencent entry is one sentence and one citation: "Tencent is indirectly affiliated with the PLA (Section 1260H(g)(2)(B)(i)(I))." The same notice also names Alibaba Group Holding Limited, among others.

That is where this page stops. It reports the notice, the publishing authority and the date. It does not assess whether the designation is correct, does not characterise any government's motives, and does not describe consequences the notice itself does not state.

The absence beside it is also a finding. No Tencent response to the designation could be sourced. The company's own announcements listing, read on 13 August 2026 for calendar 2026, contains results announcements, statutory returns, a Date of Board Meeting notice of 22 June 2026 and three notes-issuance announcements — and nothing referring to a designation, to Section 1260H, or to sanctions. Neither the 12 August 2026 announcement nor the 2025 Directors' Report mentions it in any passage read. No response is therefore quoted, paraphrased or implied.

No next results date has been announced

On 13 August 2026, Tencent's own investor calendar showed a "Past events" section only — 12 August 2026 (2Q2026 results), 13 May 2026 (1Q2026), 8 April and 19 March 2026 (roadshows), 18 March 2026 (FY2025 and fourth-quarter results). There were no upcoming events, no AGM date and no financial-calendar dates of any kind. A second company surface agrees: the last "Date of Board Meeting" announcement — the filing by which a results date becomes official — was made on 22 June 2026 for the 12 August results, and no further one has been filed.

The cadence is quarterly, with the interim accounts carried in the second-quarter announcement. From 18 March, 13 May and 12 August 2026, a November 2026 window follows arithmetically. That is a derivation from the pattern, not an announcement by the company. Rely on the announcement rather than the derivation, and specifically not on data vendors that present an estimated date as confirmed. The authoritative position is published at tencent.com/en-us/investors.html.

Questions readers ask

What is the difference between 700 and 80700? They are the HKD counter and the RMB counter for the same shares on the same exchange — two order books in two currencies, per the company's own results release and annual report.

What is the Tencent ADR ratio? For the Citibank, N.A. programme registered on 7 January 2025, each ADS represents the right to receive one (1) ordinary share. The ratio for the parallel Bank of New York Mellon programme was not read and is not stated. Tencent's own annual report lists no ADR programme.

Is Tencent listed in Germany? There is an ordinary-share line quoted in EUR under WKN A1138D / ISIN KYG875721634, in the Freiverkehr (Open Market) segment, with an active Frankfurt order book and quotation at Tradegate as at 13 August 2026. A Xetra listing is not established.

Does Tencent pay a dividend? A final dividend of HKD 5.30 per share for the 2025 financial year was approved and paid in the first half of 2026. No interim dividend was declared for the six months to 30 June 2026. No yield is calculated here.

Who owns the largest stake? Prosus N.V., through MIH Internet Holdings B.V. — 22.80 % at 31 December 2025 per Tencent's disclosure and 22.66 % at 31 March 2026 per Prosus's accounts, on a multi-year path of partial disposals. No later figure was read.

Where should I look up the price? At the order book your order actually executes in, with the line identified: the Hong Kong counters in HKD or RMB, or the euro line in Frankfurt or at Tradegate. A number without its venue and currency is not comparable, which is why none is printed here.

[CTA]

What WEEX offers on this name, and what it does not. WEEX is a cryptocurrency exchange and lists no securities. A check of the WEEX product surface on 13 August 2026 found no Tencent share, no tokenized Tencent, and no spot pair — the spot lookups returned the same blank result as a deliberately invented control ticker. What exists are perpetual futures.

This page points at exactly one contract: TENCENT/USDT perpetual futures on WEEX. Stated openly: a second contract on the same underlying exists, HK0700/USDT. Both are quoted in USDT according to WEEX's own contract data, yet on 13 August 2026 they traded at levels roughly eightfold apart. WEEX publishes no mapping saying which listed line either contract references, so that is NOT ESTABLISHED, and this page does not assert it. A differing currency reference would be one obvious candidate; it is not evidenced either. Confirm which of the two you have open before placing any order.

Per WEEX's own contract data read on 13 August 2026, both carry leverage of up to 20 times and a funding payment three times daily, at 00:00, 08:00 and 16:00, exchanged between long and short holders; contract size is 0.1 for TENCENT/USDT and 0.01 for HK0700/USDT. Leverage magnifies losses accordingly and can cost you more than the amount committed.

And the distinction this whole page turns on: a perpetual futures contract is not a share. It conveys no ownership of Tencent Holdings Limited, no voting rights at the AGM, and no entitlement to the HKD 5.30 dividend or any other distribution. It is none of the lines described above — not the 700 or 80700 counter, not the German Freiverkehr line under WKN A1138D, and not an ADS. Full contract list: WEEX futures markets.

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Primary sources

• Tencent Holdings Limited, "Tencent Announces 2026 Second Quarter Results", press release, 12 August 2026 — https://www.tencent.com/wp-content/uploads/2026/08/Tencent-Announces-2026-Second-Quarter-Results.pdf
• Tencent Holdings Limited, HKEX-filed announcement of results for the three and six months ended 30 June 2026 — https://www.tencent.com/wp-content/uploads/2026/08/E700_IRA.pdf
• Tencent Holdings Limited, Annual Report 2025 (year ended 31 December 2025) — https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf
• Tencent Holdings Limited, investor landing page and investor calendar, read for the absence of upcoming events — https://www.tencent.com/en-us/investors.html and https://www.tencent.com/investors/investor-kit-calendar/
• Tencent Holdings Limited, announcements listing, read for the absence of any response to the US designation — https://www.tencent.com/investors/announcements/
• Prosus N.V., annual report for the financial year ended 31 March 2026 — https://www.prosus.com/~/media/Files/P/prosus-corp-v2/results-reports-and-events-archive/annual-report/2026/fy2026-annual-report.pdf
• SEC EDGAR, Form F-6EF, Tencent Holdings Limited ADSs, depositary Citibank, N.A., filed 7 January 2025 — https://www.sec.gov/Archives/edgar/data/1625990/000119380525000019/e664130_f6ef-thl.htm
• SEC EDGAR, Form F-6EF, Tencent Holdings Limited ADSs, depositary The Bank of New York Mellon, filed 1 June 2021 — https://www.sec.gov/Archives/edgar/data/1625990/000101915521000184/tencentf6ef.htm
• SEC EDGAR, filing index for CIK 0001625990 — https://data.sec.gov/submissions/CIK0001625990.json
• Tradegate Exchange GmbH, order-book page for ISIN KYG875721634 — https://www.tradegate.de/orderbuch.php?isin=KYG875721634
• Deutsche Börse / Börse Frankfurt, quote service for ISIN KYG875721634, queried per venue MIC (XFRA and XETR) with controls — https://api.boerse-frankfurt.de/v1/data/quote_box/single
• U.S. Federal Register, Department of Defense, "Notice of Availability of Designation of Chinese Military Companies", 91 FR 35189, published 10 June 2026, Docket DOD-2026-OS-1288, FR Doc 2026-11571 — https://www.federalregister.gov/documents/full_text/text/2026/06/10/2026-11571.txt
• WEEX, own contract data and product pages for TENCENT/USDT and HK0700/USDT, queried 13 August 2026 — https://www.weex.com/markets/futures

All sources retrieved 13 August 2026.

This content is for general information only and is not financial, investment, legal or tax advice; it is not a recommendation to buy or sell any security or crypto asset, and it contains no price target, no forecast and no price. Securities identifiers, venues, segments and shareholding percentages reflect the position evidenced at the stated dates and change over time; your own contract note governs. Second-quarter and first-half 2026 figures are unaudited, though reviewed by the auditor under ISRE 2410. References to official notices reproduce their wording, issuing authority and date, and carry no assessment. Crypto assets are highly volatile and can result in losses; leverage magnifies losses. Availability of WEEX services and products may vary by region. You are responsible for ensuring that your participation complies with applicable local laws and regulations.