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Portfolio July 2018

% of Portfolio

NPN 70%
Netflieks 14%
Tiensent 9%
Tesla 3%

Portfolio Sept 2018

% of Portfolio

NPN 68%
Netflieks 19%
Tiensent 9%

Portfolio Sept 2018

% of Portfolio

NPN 67%
Netflieks 20%
Tiensent 9%

Watched Venom this week end. Nice - Columbia and Tencent Pictures

Portfolio Oct 2018

% of Portfolio

NPN 67% + 93%
Netflieks 20% - 6%
Tiensent 9% - 4%

 

Portfolio Nov 2018

% of Portfolio

NPN 69% + 76%
Netflieks 19% - 18%
Tiensent 9% + 7%

 

South Africa's Naspers H1 profit jumps, Tencent robust
JOHANNESBURG (Reuters) - South African media and e-commerce giant Naspers reported a 39 percent jump in half-year profit on Friday, thanks to a strong performance in its investment in China's Tencent.
Naspers, which owns about a third of Tencent, said core headline earnings came in at $1.7 billion, or 385 cents per share, in the six months ended September compared with $1.2 billion, or 277 cents per share, a year earlier.
Core headline EPS is Naspers' main profit measure that strips out non-operational and one-off items.
Tencent's contribution to core headline EPS of $1.8 billion helped offset weakness at the company's other businesses that include e-commerce platforms MakeMyTrip and Delivery Hero.
Founded more than 100 years ago in Stellenbosch, South Africa, Naspers has transformed itself from a newspaper publisher into a $87 billion empire but it owes all of that valuation to its one-third stake in Tencent.
The stake has become not just a moneyspinner for the group but also a headache as it dwarfs Naspers' own market capitalisation by 40 percent.
Share in Naspers rose 1.1 percent to 2,280 rand as of 1348 GMT.

Tencent Music Entertainment’s initial public offering is back in motion, two months after the company reportedly postponed it amid a global sell-off. In a regulatory filing today, the company, China’s largest streaming music service, said it plans to offer 82 million American depositary shares (ADS), representing 164 million Class A ordinary shares, for between $13 to $15 each. That means the IPO will potentially raise up to $1.23 billion.
The company is offering 41.03 million ADS, while selling shareholders will offer the remaining 40.97 million ADS. It will list on the New York Stock Exchange under the ticker symbol TME. According to the filing, Tencent Music’s controlling shareholder, Tencent Holdings,  has agreed to buy Class A ordinary shares valued at up to $32 million.
With about 800 million monthly active users, Tencent Music is not only China’s largest online music entertainment platform, but one of the biggest in the world. To put that number in context, Spotify, one of Tencent Music’s shareholders and strategic partners, currently has 170 million monthly active users.
Tencent Music first filed for its stock market debut at the beginning of October, but then the WSJ reported that it had halted its IPO plans because of a sell-off in global markets that hit Chinese markets particularly hard. The stock market iscurrently rallying, however, thanks to a truce in the U.S.-China trade war.
The offering’s lead underwriters are Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank Securities and Bank of America Merrill Lynch.

Tencent Holdings (0700) has declared a special dividend of approximately HK$250 million to its shareholders, after its spinoff Tencent Music went public in New York.
Tencent Music was listed at a final offer price of US$13.00 (HK$101.74) per American Depositary Share.
A qualifying shareholder holding a whole multiple of 3,900 shares on the record rate will be entitled to a distribution of one ADS for every whole multiple of 3,900 Shares held.
Fractional ADSs will not be distributed. A qualifying shareholder who holds shares in excess of a whole multiple of 3,900 shares will be entitled to a cash distribution of HK$13 for every whole multiple of 500 shares held in excess of the largest multiple of 3,900 shares.
Qualifying shareholders with less than 3,900 Shares and non-qualifying shareholders will receive cash in lieu of the ADSs on the basis that for every 1,500 shares be entitled to a cash distribution of HK$39, and for every additional whole multiple of 500 shares to receive an additional cash distribution of HK$13