Chinese companies share-based compensation (3)

See previous

Chinese companies share-based compensation (1)

Chinese companies share-based compensation (2)

 

Tencent (HK.700)

2023

FCF: 167 bn rmb (company defined)

SBC: 21 bn rmb, or 12.6% of FCF

Note: FCF significantly improved, while buyback is doubling SBC

 

Meituan (HK.3690)

2023

FCF: 33.6 bn rmb (op. cf minus purchases of pp&E)

SBC: 8.4 bn rmb, or 25% of FCF

Note: FCF significantly improved; buyback starting in 2024