$TENCENT(00700)$  Tencent's repurchase is already twice as much as the major shareholder's reduction, so in theory, Tencent's repurchase can completely offset the impact of the major shareholder's reduction. It's just that during the period when Tencent cannot repurchase, the major shareholder can reduce its holdings. During this period, if there is no capital inflow from the market, Tencent's stock price is likely to be hit down again. After all, when Tencent repurchased 1 billion every day, it is estimated that it did not rise significantly. Personally, I think 300 has become Tencent's new support level. Last year, the repurchase was almost the same as the reduction, and the stock price was probably hit to a low of 260-280. Now the repurchase doubled and the stock price rose to 300, which is reasonable. It is also difficult for Tencent's stock price to rise sharply now, so buy puts. I personally think that the probability of falling below 280 is not very high, which is why the winning rate of selling puts at 280 is still very high.

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