$MEITUAN-W(03690.HK)$ After the Hong Kong stock market closed on November 16, Tencent released its third quarter earnings report. At the same time, it also revealed long-rumored news: the reduction of Meituan holdings.
According to the announcement issued by Tencent, Tencent held about 17.04% of Meituan's shares before this dividend payment, which is 1,054,580,992 shares. According to the plan, it will distribute 958,121,562 shares of Meituan shares to shareholders, accounting for 90.85% of Meituan shares and 15.48 of Meituan's total share capital. Based on the closing price on November 15, the total dividend amount is approximately HK$159.4 billion, corresponding to Tencent's dividend rate of 5.9%. After the dividend payment, Tencent will hold 1.56% of Meituan's shares. For Tencent shareholders, every 10 Tencent shares can receive 1 Class B Meituan stock. The last trading date for Tencent shares with the right to physically distribute Meituan shares on the Stock Exchange is expected to be January 4, 2023. The record date for determining Tencent shareholders' physical distribution rights to Meituan shares is January 10, 2023. The time for Tencent shareholders who meet the requirements to deliver and receive Meituan shares is expected to be around March 24, 2023. A small number of funds with registered addresses in the US (Tencent shareholders) will be directly distributed in cash corresponding to the number of shares due to compliance reasons. Unlike when Tencent paid dividends on JD shares, the rumor about the distribution of Meituan shares has actually been spread several times; in one foreign media alone, I have the impression that it has spread twice. $TRIP.COM-S(09961.HK)$ $TENCENT(00700.HK)$

$Hang Seng Index(800000.HK)$ The Hang Seng Index is rising more and more. Is there any possibility that a bull market is coming and that it will rise infinitely? 10W points will be the end [laughing]. There has always been no shortage of market drummers. The Hang Seng Index rebounded by nearly 4,000 points this month. I have never seen such a big rebound in a single month. In 2007, it rebounded 10,000 points in February. Although the world's major financial markets have performed the worst, it is normal for them to fall deep and fall to death; they are already far behind. As for reversing the bull market, there has been no improvement in fundamentals; the year was more decent with news. Tencent's performance should not be impressive, and stock positions will not stop being replenished. There are reservations about the further increase in the Hang Seng Index, and the reaction to derivatives is different. It is rare for the Hang Seng Index Bull and Bear Index ratio (number of shares) to lose 0.4% (24) bears 99.6% (6,791). Yesterday, the Hang Seng Index cyclical subscription of 18200call had quite a few intraday transactions. Today, they all settled on the same day without spending the night. Using yesterday's market, it's impossible to sell orders. Bull and bear securities have now peaked, and Hang Seng Index options are only intraday institutional operations. The price of premium options is higher in the middle of the month than at the beginning of the month, and is no longer attractive. Most of the cycle options are fresh, and unclosed contracts are visible. Today, Wednesday, the option premium will return to Monday's price, and the settlement date is two more days away. The Hang Seng Index rose, the panic index rose, and the rise was uneasy. derivatives and spot goods were on the same page. It wasn't easy to double buy the Hang Seng Index this week; on Monday and Tuesday, only the latter made a profit. There must be a reason why options trading is weak. It's hard for mature traders to win. Beginners and conservatives don't look bad; they don't lose when they earn less. At this point, they both buy...

$MEITUAN-W(03690.HK)$ Fortunately, the market has absorbed almost all of the negative factors. Currently, I think there are a few highlights.
1. Although the expected revenue of the market still declined year-on-year, the margin was only 0.68%. If the performance is a little better, it exceeds expectations. “Expectations are declining, actual growth”. This increase in confidence in investors in the secondary market doubles;
2. Although game revenue was bad in Q3, game traffic increased by 5% in October, with overseas growth of 12%, and there was also a certain recovery. Also, we need to pay attention to Q3's deferred revenue to look forward to the impact in the next few quarters.
3. After many quarters of “cost reduction and efficiency”, Tencent's cost control may be stronger than expected, and profit performance is likely to exceed expectations. This situation shows that improvements in its internal operations have achieved certain results. Rumor has it that some businesses are online, and there will be layoffs at the end of the year, which is good news for shareholders.
4. Investors who pay attention to Tencent's non-operating income also need to note that Tencent's holdings, such as Meituan, Kuaishou, and Pinduoduo, actually rebounded to a certain extent in Q2, which also meant that changes in their fair value had a positive impact.
Overall, it is more likely that Tencent's Q3 earnings will exceed market expectations. From the market on the 15th, it can also be seen that the market's expectations for it have further increased.
If you are a friend who is very confident in financial reports, you can of course buy stock or call for bullish options.
Of course, if you think there will be a pullback after a sharp rise, or if you are not optimistic about the Q3 earnings report, you can also choose to buy...