Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:TheHongkongandShanghaiBankingCorporationLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.comClickheretovoteAsiamoneyGlobalRMBPoll2020Votingopens2nd–27thMarch2020Ifyouvalueourserviceandinsight,pleasevoteTencentremainsmostresilientgivendiversifiedbaseofadvertisers;saw20%-plusyoyrisein1QamidfallsforpeersInitialsignsshowrecoveryfore-commerceplatformsinMarchwithsmallermerchantsandOTAslikelytofollowin2QTencent’spremiumadinventoriesonWeChathelpingittoweatherheadwindsandBytedanceandK...
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