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