Tencent falls nearly 10% after Prosus said it plans to sell

Tencent falls nearly 10% after Prosus said it plans to sell R212 billion of its holdings


Tencent falls nearly 10% after Prosus said it plans to sell R212 billion of its holdings
 Apr 08, 2021, 06:57 AM
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The deal will increase Prosus's cash reserves from $4.6 billion to roughly $19.2 billion.
Tencent's American ADR has fallen roughly 20% from February 12 highs of nearly $100 per share.
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Tencent's American ADR sank as much as 9.7% on Wednesday after the firm's largest shareholder, Prosus, said it plans to sell $14.6 billion worth of its stake in the Chinese multinational technology conglomerate.
Tencent's Hong Kong shares fell 3.75% on the day.
Prosus, the international internet assets division of the South Africa's Naspers, will remain Tencent's largest shareholder holding some 28.9% of the company.

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