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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Crackdown Begins: The State Administration for Market Regulations (SAMR) or better know as mainland China’s antitrust regulator fined China Literature (772.HK), Tencent Holdings (700.HK) [Tencent] subsidiary CNY 500,000 for failing to gain certain acquisition or buyout approvals – thereby violating the country’s anti-monopoly laws; and *Small Fine, But Implications Large: The current Tencent fine is relatively small compared to the size of the company, however, it does serve as a wake-up call to halt M&amp;A activity without the requisite regulatory sign off. SAMR is also looking into a recent deal between Huya (HUYA.US) and Douyu (DOYU.US) where Tencent would have 68% of voting shares in the combined entity.

*Crackdown Begins: The State Administration for Market Regulations (SAMR) or better know as mainland China’s antitrust regulator fined China Literature (772.HK), Tencent Holdings (700.HK) [Tencent] subsidiary CNY 500,000 for failing to gain certain acquisition or buyout approvals – thereby violating the country’s anti-monopoly laws; and *Small Fine, But Implications Large: The current Tencent fine is relatively small compared to the size of the company, however, it does serve as a wake-up call to halt M&amp;A activity without the requisite regulatory sign off. SAMR is also looking into a recent deal between Huya (HUYA.US) and Douyu (DOYU.US) where Tencent would have 68% of voting shares in the combined entity.

Tencent Holdings – Slap On The Wrist For Now