![]() In the case highlighted by the police on Wednesday, the price of the stock bought by the seven victims fell by almost 80 per cent within two days, resulting in combined losses of US$1.07 million (S$1.46 million). The share price then plunges, resulting in sharp losses for the victims. In the "dump" that follows, the fraudsters then sell their shares in the company while the share price goes up, before stopping all activities. "As the unwitting victims buy up the shares, the share price rises," said the police, describing the "pump" stage of the scam. In such schemes, fraudsters would artificially inflate the price of a company’s shares by either spreading false positive news about the company or manipulating trading activity to induce others to buy the shares. The Singapore Police Force (SPF) highlighted this case on Wednesday (Aug 11), as it warned of a resurgence of "pump and dump" scams, a type of stock market manipulation. In just 48 hours, they lost more than a million dollars. Current Refinitiv consensus target price sits at $552.36 (HKD), above the last price seen on Wednesday at $541.50, although this number itself had been gradually shifted up as the Covid-19 pandemic lingers.SINGAPORE: On the recommendation of an "expert", seven people recently bought shares in a US-listed company. Meanwhile, Tencent as a social media company also has the widely popular WeChat app in its arsenal, among others, that represent significant monetisation opportunities which is why we continue to see further upsides expected from the market. The increase in engagement across a wider pool of consumers through the pandemic thus far is also expected to have built a stronger client base. This comes across with little surprise as the stay-home trend continues amid localised Covid-19 outbreaks. Honour of Kings, Brawl Stars are just some of the popular titles in Tencent’s library of online game offerings, the latter only accounting for a small part of Q2 performance but had nevertheless been touted as a high revenue grossing, seeing the surge in popularity at initial offering on China’s Apple store.Īccording to CPC-CNG estimates, as reported by Bloomberg, the Chinese online game industry sales had grown by 9% in H1 of 2019, which marks an acceleration from 5% in 2018. This consists primarily of online and mobile games across both internet and mobile platforms. Tencent draws the majority off its revenue out of mainland China, half of which is stemming from the value-added services segment. Likewise, with the rise in market capitalisation, Tencent had surpassed that of Facebook, part of the US Fang stocks, which totalled $656.2 billion in market capitalisation as of Tuesday’s close. Ahead of Q2 earnings results, Tencent had seen 8.6% rise as of Wednesday, 29 July, sustaining the bullish momentum for the prices. This had marked the biggest quarterly jump for prices seen since Q3 2013. The online services company had risen 44.2% on a year-to-date (YTD) basis and clocked 31.1% jump for prices in Q2 alone. ![]() ![]() ![]() Tencent shares had seen an impressive surge since the second quarter (Q2) of 2020 riding on the latest Covid-19 influence on consumer behaviours that looks to boost revenue performance. ![]() Investors bullish on Tencent with gaming revenue ![]()
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