$TENCENT(00700)$
There's no problem with deducting the fair value of investment equity when valuing Tencent. Just look at how Tencent distributed JD.com $JD.com(JD)$ and Meituan $MEITUAN-W(03690)$ shares to its shareholders—did it affect the profits the following year? No! Even if they were to distribute all their investment equity, would it impact the profits the next year? I think the impact would be very minimal. So, valuing it this way is perfectly fine!
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