Tencent Holdings Ltd

“Tencent is a world-class compounder — WeChat's 1.38B-user social OS, 34% operating margins, RMB 303B operating cash flow, and accelerating AI/cloud monetization — trading at 11.8x forward earnings near 52-week lows solely due to China jurisdiction risk. The VIE structure and CCP regulatory/geopolitical tail risk are real and non-trivial, making this a tranche-buy rather than an all-in conviction position, but the probability-weighted return over a 10-year horizon is highly attractive: base case 3-4x with no multiple expansion required.”