Not sure if anyone is following this company. They are undertaking share buy backs by selling their crown jewel investment tencent (which is at 5 year lows and just inplementing their own buy back programme)
The strategy doesn’t make sense to me. You’d want to continue to hold your best asset and perhaps buy cen more at these levels rather than reduce it and have greater ownership of loss making businesses in your existing portfolio.
What am I missing here? Or just poor management execution.