【Morgan Stanley forecasts that WeChat's gifting feature could attract more merchants to small shops, driving long-term e-commerce related revenue】Jin10 Data, December 23 - Morgan Stanley published a research report stating that Tencent Holdings (00700.HK) has launched a gray test for the "gifting" feature on its WeChat public e-commerce platform, WeChat Small Shop, allowing users to purchase goods valued under 10,000 RMB as gifts and directly give them to WeChat friends. The gifting feature is similar to the WeChat red envelope format and aligns with the development strategy of WeChat Small Shop, which aims to utilize WeChat's ecosystem to create a unified and trustworthy e-commerce platform for users, providing indexed and standardized products. Morgan Stanley expects that after the full rollout of the new feature, more merchants will be attracted to join WeChat Small Shop, which will create long-term upward potential for e-commerce-related transactions and advertising revenues. On the other hand, considering that market competition is already quite fierce, Morgan Stanley believes that Tencent's increasing focus on developing small shop businesses may cause concern among e-commerce peers, reiterating its "overweight" rating and continuing to list it as a preferred stock, setting a target price of 570 HKD. (Source: Jin10 Data)