Tencent Holdings Ltd (0700)

[AQ.]

Back to Tencent/Alibaba, I think you are still a bit more optimistic about China's Tech giants than I am. I expect more headwinds over the next few years, from none other than the Chinese government; as well as headwinds from distrust from the international community, as China increasingly asserts their soft power overseas.

Agreed. I think most are underestimating the shift from Jiang to Xi (4get the lost decade under Hu).

Xi is determined to move China back to the communist track vs Deng's reform agenda. A big portion will be to redistribute wealth (and hence power) from the ultra rich to the State. Whether the State will give to the people remains to be seen.

I think plenty of moves before the 20th plenum next yr - a huge digital tax perhaps?