Just 18 months ago, Tencent Holdings was on the cusp of becoming Asia’s second trillion-dollar company. No more.
Futuregrowth Asset Management, a South African fixed-income money manager with R193-billion of assets, is raising a fund to invest in start-ups.
Takealot Group has built a powerful platform that will stand it in good stead in an increasingly competitive market, said Naspers CEO Bob van Dijk.
When there is a deep valuation discount and pressure from its investors, Naspers can’t really time market tops and must appease with cash handouts instead.
The arm of South African Internet giant Naspers sold almost $4-billion worth of stock in JD.com that it got as dividends from investee Tencent.
Shares of China’s Tencent fell as much as 2.5% after Prosus and Naspers said they would gradually sell shares in the firm.
Prosus and Naspers plan to sell down the massive 28.9% stake Prosus holds in Chinese Internet giant Tencent.
Naspers, through its Naspers Foundry investment arm, is leading a R53-million series-A funding round in South African fintech start-up LifeCheq.
Naspers-controlled technology investor Prosus has decided to exit its shareholding in Russian classifieds business Avito.
Chinese gaming and social media giant Tencent Holdings reported flat growth in first quarter revenue, its worst-ever such performance.