Strong user base in instant messaging and social networking services. High growth prospects for China's Internet industry. Intense competition and regulatory risk. Limited earnings diversity and unproven long-term sustainability. Aggressive appetite for mergers and acquisitions. Sound financial standing. Prudent financial management. Strong cash flow generation. Strong liquidity. The outlook is stable, reflecting our expectation that Tencent will maintain steady performances in its core businesses. We anticipate that the company's strong market position will support its earnings, despite more intense competition. We expect Tencent to maintain satisfactory profitability, generate positive free operating cash flows, and maintain conservative leverage, such that total debt to EBITDA does not exceed 1.5x. The EBITDA margin will likely remain satisfactory. We could lower the rating if
