Tencent Share Buyback Speculation Swirls

A cyclist rides past a Tencent signage at the company's headquarters in Shenzhen on March 20, 2021. Photo: Bloomberg

(Bloomberg) — Share buybacks are emerging as the hottest trend among Chinese tech giants and industry leader Tencent Holdings Ltd. may be the next to jump on the bandwagon.

The online gaming giant climbed as much as 3.1% in Hong Kong on Wednesday, just before it’s expected to announce its slowest profit growth ever. Investors are betting that the company will follow in the footsteps of Alibaba Group Holding Ltd. and Xiaomi Corp., which both announced massive buybacks after their earnings, with the moves fueling a rally in their shares.