Jonathan Lai Leaves Tencent-Joins Coatue

September 26, 2018 James Heinsman Hedge Fund News

Jonathan Lai, investment director at Tencent, China’s second most valuable publicly listed technology company, is leaving to join the US-based hedge fund Coatue Management. The Chinese company has been under months of scrutiny by regulators on its main gaming business.

Mr. Lai listed himself on his LinkedIn account as an “investor” at Coatue Management, beginning in September 2018. According to someone with knowledge of the subject, his role at Tencent has been “transitioned.”

Tencent’s market capitalization is listed as HK$3tn/US$382 billion. The company is also listed as one of China’s largest investors, ranked even higher than many traditional private equity and venture capital firms as far as number of acquisitions.

Tencent is similar to its main competitor Alibaba, with a dedicated team for mergers and acquisitions with employees in the US and China looking for good deals. Since January the price of Tencent’s stock has been falling in response to the stranglehold regulators have placed on the gaming industry. With the stock price down by a third since its high in January, the company has begun to buy back shares for the first time since 2014.

As of September 20, 2018, the company spent HK$264 million buying back 835,700 shares, according to exchange filings.

“Jonathan Lai, in his time at Tencent, was part of the interactive games group’s US business center and was not a ‘Tencent chief investment officer’ as has been described online. He has already left.”

China, Coatue Management, Jonathan Lai, Tencent,

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