Bank of America Securities released a research report stating that it maintains the “buy” rating of Tencent Holdings (00700.HK) with a target price of HK$410. After a meeting with management and US investors, it is believed that Tencent has strong will, ability and execution in terms of shareholder returns. The company plans to repurchase 100 billion yuan this year, and Tencent's repurchase amount was accelerated to 1 billion yuan per day in January of this year. If this schedule continues, the annual repurchase amount will exceed 130 billion yuan. In addition to the dividends announced last year, it is estimated that this year's shareholder return will exceed 5%. In addition, Tencent holds a large investment portfolio of over $126 billion, and can also use its investments to give back.