Update on Tencent’s Inclusion in the US Department of Defence Entity List

On the 6th of January, Tencent was included on the US Department of Defence’s list of Chinese Military Companies. This development has prompted us to investigate the scenarios and implications not only for Tencent but also for Naspers and Prosus.
While our research has not led to a change in our overall view on the holdings in these three companies, it has highlighted key scenarios that could have significant consequences for these stocks and the South African market as a whole.
In light of this, Paul Ross, our Head of Global Research, has authored a detailed paper to share our findings and perspectives on this important topic. We believe this analysis will provide valuable insights