$TENCENT (00700.HK)$ Tencent is a representative of mainland China's Internet companies, with obvious industry advantages, considerable revenue and profit growth, and a huge market capitalization. It is a Chinese concept stock that all investors cannot ignore. Its previous continuous rise in stock price also confirmed the above advantages. In the past two to three years, Tencent has faced tightened regulation regarding the Internet industry, affecting some of its businesses and causing significant stock price volatility. However, since the end of 2021, the tightening of regulatory policies related to Tencent has temporarily come to an end. Therefore, it is starting to return to the revenue, profit, and valuation logic of a normal company, which is a good thing. From the perspective of industry trends, the Internet is a definitive emerging growth sector. As a leading company in such an industry, Tencent’s long-term value is certain. In terms of the company’s business composition, it mainly consists of value-added services, financial technology, and online advertising, with value-added services accounting for more than half, including the controversial gaming business. There is uncertainty in this part of the business; for example, new game projects cannot go online without regulatory approval no matter how good the game is. This is where Tencent’s business risks lie, something many people should have fully experienced over the past two years. Online advertising is Tencent’s traditional business, originating from website traffic monetization. But this portion will not be too large and may further shrink in the future. The financial technology business is excellent, accounting for about 30% of revenue, represented by WeChat Pay. This segment is highly competitive but involves competition with Alipay and regulatory considerations regarding financial security. It would be difficult for Tencent to expand this part of the business. So, ultimately, what remains...