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Translated by:  OXV Translation Team – Shugen

Reports on June 27th, Shares of China’s internet gaming and social media giant Tencent Holding Ltd. (0700.HK) fell sharply in the early afternoon, after top holder Prosus NV (PRX.AS) and Naspers (NPNJn.J) announced that they would gradually sell Tencent shares.

Image Source: reuters

In the morning Trade session, Tencent stock once surged as much as 4.2% to HK$400.20, its highest since June 9th.  Closing the day, Tencent stock traded down 1.3%, and ranked 3rd biggest decliner losing ground in HSTECH.

Dutch investment company Prosus and its controlling shareholder Naspers said on Monday, that they intent to sell down their stake in Tencent to fund an open-ended buyback program of  Prosus and Naspers shares.

In April of last year, Prosus sold 2% of Tencent for $14.7 billion, being the largest block trade at the time and reported no further selling plans of their stake in Tencent in next 3 years, but only after 14 months later, a sharp turn around surfaced.


Edited and Proofread by:  Linda Progress
Posted by:  Peter Chen

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