HK Stock Market Move | EAST BUY (01797) fell nearly 9% in the afternoon. "Tencent's reducing stake" casts a shadow over the app which recently launched a gifting function.

EAST BUY (01797) fell by nearly 9% in the afternoon, with a drop of 8.17% at the time of publication, to 16.18 Hong Kong dollars, with a turnover of 2.93 billion Hong Kong dollars. On the news front, affected by the shadow of the "Tencent reduction" event, Tencent concept stocks generally fell today, and EAST BUY fell nearly 9% in the afternoon. It is reported that in June 2022, TENCENT sold a total of 74.6093 million shares of New Oriental Online (now EAST BUY) on June 15th and 16th, cashing out a total of about 720 million Hong Kong dollars. After the reduction, TENCENT's shareholding in New Oriental Online dropped to 1.58%. It is worth mentioning that on January 7th, EAST BUY App officially launched the gift-giving function. In addition to the "single gift package" mode that can be sent to one friend, EAST BUY App also offers the option to send gifts in the form of "multiple gift packages" and "lottery gift packages". Previously, EAST BUY's WeChat store had launched the new feature of "gifting". Citigroup believes that EAST BUY is in a favorable position and can fully grasp the surge in demand for gifts during the Spring Festival season. Tianfeng pointed out that WeChat stores may bring new opportunities for the development of EAST BUY.