Ma Huateng

Latest moves

Nov 5, 2026 edition

Ma HuatengEarningsAI & techRDDTAI read · ▲ Strong quarter for a Tencent-linked holding

Reddit's revenue jumps 53% as Tencent holds a stake

The move

Reddit reported third-quarter revenue of $895 million, up 53% year over year, with net income of $283 million and adjusted EBITDA of $402 million, a 45% margin, the company said in its Oct. 29 earnings release. Daily active uniques rose 12% to 130.3 million. Tencent subsidiaries have disclosed owning about 9.98% of Reddit's Class A shares, a stake for which Reddit CEO Steve Huffman holds the voting proxy, per a February 2025 SEC filing.

Why it matters

The results show continued ad-revenue growth even as Reddit faces outside questions about AI-driven traffic to its site.

The bear case

U.S. daily active uniques fell 2% year over year even as international usage grew, pointing to uneven growth beneath the headline number.

What to watch

Whether U.S. usage stabilizes in the fourth quarter.

Source · Reddit Q3 2026 earnings releaseRead original ↗Report an error

Nov 3, 2026 edition

Ma HuatengIPO / MarketsMediaRDDTAI read · ▼ Growth scare

Reddit sinks 29% on its worst day as a public company

The move

Reddit's stock fell 29.2% on Oct. 30, its worst day since its 2024 IPO, after third-quarter revenue of $895 million beat estimates but fourth-quarter guidance of $1.00 billion to $1.03 billion fell short of analysts' roughly $1.05 billion estimate. CEO Steve Huffman said Google search-referral traffic fell "meaningfully" this quarter as AI answers keep readers off the site, and Reddit said it will test requiring logins to view some content. Tencent, where Ma Huateng is chairman, holds a stake in Reddit through its subsidiaries.

Why it matters

The drop shows investors are now pricing in the same AI-search threat to Reddit that has weighed on Google: fewer clicks from search engines can mean fewer ad dollars even when the underlying business is still growing fast.

The bear case

Revenue still grew 53% year over year and beat estimates, and a login requirement could grow the logged-in user base that advertisers actually pay for.

What to watch

Whether the login test slows user growth when Reddit next reports in early 2027.

Source · CNBCRead original ↗Report an error

Nov 1, 2026 edition

Ma HuatengIPO / MarketsAI & techRDDTAI read · ▼ Traffic hit

Reddit crashes 29% as Google's AI eats its search traffic

The move

Reddit shares fell 29.2% on Oct. 30, the stock's worst day since it went public in 2024, after the company said Google's AI search features cut into the search-referral traffic it depends on. CEO Steve Huffman said that traffic fell sharply in the third quarter. Third-quarter revenue still rose 53% and beat Wall Street's estimate, but Reddit's fourth-quarter revenue guidance of $1.00 billion to $1.03 billion came in below the $1.05 billion analysts expected. Tencent, where Ma Huateng is chairman and chief executive, holds a 9.98% stake in Reddit's Class A shares.

Why it matters

It's a concrete sign that AI search answers are starting to divert real traffic -- and the ad dollars that come with it -- away from sites that rely on Google referrals.

The bear case

Reddit is testing a login requirement to fight the traffic loss, a move that could trade fewer casual readers for steadier, loyal ones.

What to watch

Whether Reddit's login test slows the traffic decline without hurting ad revenue.

Source · CNBCRead original ↗Report an error

Oct 10, 2026 edition

Ma HuatengInvestmentAI & tech700 HKAI read · ▲ Debt-funded AI

Tencent weighs $5B bond sale to fund AI buildout

The move

Tencent is considering an offshore bond sale of up to $5 billion, denominated in US dollars and offshore yuan, to help fund its AI and computing expansion, Bloomberg reported Oct. 8. It would follow a $4.66 billion bond sale in June, the company's largest debt deal since 2020. Tencent's AI and computing capital spending rose 176% to 52.8 billion yuan (about $7.9 billion) in the June quarter.

Why it matters

It shows Tencent turning to debt, not just cash flow, to keep pace with AI infrastructure spending, the same week it emerged as a top backer of AI lab DeepSeek's new funding round.

The bear case

Neither the size nor the timing of the bond sale is finalized, and Tencent hasn't said how the money would be used.

What to watch

Whether the bond is priced this month, as people familiar with the plans told Bloomberg.

Source · Business Today MalaysiaRead original ↗Report an error

Oct 9, 2026 edition

Liang WenfengInvestmentAI & techPrivateAI read · ▲ Expansion

DeepSeek's new funding round swells toward $15 billion

The move

DeepSeek is close to securing at least 80 billion yuan (about $12 billion) in a new funding round that could reach roughly 100 billion yuan (about $15 billion) based on signed term sheets, with Tencent and battery maker CATL committing the largest amounts.

Why it matters

The round would value founder Liang Wenfeng's AI lab far above its first outside round earlier in 2026, and ties two of China's biggest corporate names, Tencent's Ma Huateng and CATL's Robin Zeng, directly to its growth.

The bear case

Neither DeepSeek, Tencent nor CATL has publicly confirmed the terms, and the round was reportedly paused once already after comments from Liang about reliance on Nvidia chips went viral.

What to watch

Whether the round closes near $15 billion and whether DeepSeek proceeds with a flagged 2027 Shanghai STAR Market listing.

Source · CNBCRead original ↗Report an error

Oct 7, 2026 edition

Liang WenfengInvestmentAI & techPrivateAI read · ▲ Bullish

DeepSeek raises $12B+ with Tencent and CATL backing 2027 IPO push

The move

DeepSeek is targeting at least $12 billion in new funding, with the round potentially reaching roughly $15 billion (about 100 billion yuan) after demand outstripped its original 50-billion-yuan target, Bloomberg and CNBC reported Oct. 6. Tencent (Ma Huateng) and CATL (Robin Zeng) have committed some of the largest amounts. The raise was expected to close this month. DeepSeek has hired CITIC Securities to prepare for a possible listing on China's STAR Market as soon as 2027, and is building a data center in Inner Mongolia that will use at least 160,000 Huawei AI accelerators instead of Nvidia hardware.

Why it matters

This is one of the largest private AI funding rounds in China's history, and the Huawei chip commitment shows DeepSeek deliberately building outside Nvidia's ecosystem.

The bear case

A STAR Market listing is still a year or more away and depends on Chinese regulators, DeepSeek's model momentum holding up, and investor appetite for AI stocks not cooling in the meantime.

What to watch

Confirmation that the funding round has closed and at what final size and valuation.

Source · American BazaarRead original ↗Report an error

Recent SEC filings

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Footprint

Prices via Finnhub · as of Nov 11, 2026 12:24 PM ET. For information only.

What to watch