22 August 2025 | 11:39PM HKT Tencent Holdings (0700.HK): Europe NDR highlights: AI empowering long runways of growth across business lines; Buy We hosted Tencent's Chief Strategy Officer Mr. James Mitchell and the investor relations team with investors in Europe over Aug 18-22. Key investor focus areas/topics included: 1) Efficient scaling of AI capex and inference efficiency, where the company highlights lower capex intensity vs. global peers with cost efficiency across racks/land/data center alongside low ...