Tencent Holdings Ltd.: Core Operating Leverage to Fund AI Investments

Research evidence excerpt

Tencent Holdings Ltd.: Core Operating Leverage to Fund AI Investments

ing company: Alibaba

Group Holding, Autohome Inc, Baidu Inc, Bilibili Inc, Full Truck Alliance Co. Ltd, IQIYI Inc, JD.com, Inc., JOYY Inc., Kanzhun Ltd, KE Holdings Inc, Kuaishou Technology, Meituan, NetEase, Inc, PDD

Holdings Inc, Tencent Holdings Ltd., Tongcheng Travel Holdings, Trip.com Group Ltd, Vipshop Holdings Ltd, Weibo Corp.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide

services or has a client relationship with the following company: Alibaba Group Holding, Baidu Inc, Bilibili Inc, Full Truck Alliance Co. Ltd, HUYA Inc, IQIYI Inc, JOYY Inc., Kanzhun Ltd, KE Holdings

Inc, Meituan, NetEase, Inc, Tencent Holdings Ltd., Tongcheng Travel Holdings, Trip.com Group Ltd, Vipshop Holdings Ltd, Weibo Corp.

Morgan Stanley & Co. LLC makes a market in the securities of Autohome Inc, IQIYI Inc, JOYY Inc., NetEase, Inc, Weibo Corp.

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality

of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.

Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management,