UBS released a research report stating that the target price of Tencent Holdings was lowered by 3.9% from HK$770 to HK$740, reaffirming the “buy” rating. The bank expects Tencent's revenue to increase 7% in the third quarter, which is slower than in the second quarter. Adjusted net profit will decrease 7% year over year to 65 billion yuan, mainly affected by artificial intelligence investment and a possible decrease in the share of amortization in joint venture profits.

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