《Prosus = Tencent With A BIG DISCOUNT + MORE!!!》
腾讯估值合理，预期长期回报率为 9-10%，随中国投资环境而变化；当中国不可投资时，反而是买入机会。
腾讯昨天。你可能想看看那个视频。真的很有趣，如果你想直接投资腾讯，价格是合理的。
Tencent yesterday. You might want to check that video. Really interesting, fairly priced if you want to invest in Tencent directly.
腾讯，我们昨天说过，长期回报可能在9-10%，在中国亢奋周期中回报更高，在中国不可投资时回报更低，但当中国不可投资时，你会加倍下注。
Tencent, we said yesterday, likely 9-10% long-term returns, better returns in Chinese exuberant cycles, lower returns when China is uninvestable, but when China is uninvestable, you double down.
腾讯正在增加股息。腾讯增加股息越多，Prosus受益越多。
Tencent is growing the dividend. The more Tencent grows the dividend, the more Prosus benefits.