Tencent Holdings spent over HK$9 billion ($1.1 billion) on share buybacks in June. This represents the company's largest monthly repurchase total this year.
The stock has declined more than one-third since its October peak. This sell-off erased approximately $309 billion in market capitalization. Investors cite concerns regarding Tencent's ability to monetize its artificial intelligence investments.
The buyback program provided support as the stock nears its fifth straight monthly decline. Tencent shares fell 1.8% in June. The Hang Seng Tech Index slumped 10% during the same period. Markets await proof that AI expenditures will drive revenue growth and profitability.