Chinese technology shares rallied in Hong Kong on Monday as bargain hunters pounced in the wake of the sector’s worst rout in months.
Browsing: Naspers
The deal between South Africa’s Naspers and its spinoff Prosus this week caused havoc, with the JSE forced to delay opening by hours on Wednesday amid the rush of rebalancing trades.
The five-and-a-half-hour outage on the JSE that prevented traders buying and selling stocks until well into the afternoon on Wednesday was not a good signal for a bourse that touts itself as Africa’s finest.
The JSE equities trading market failed to open on Wednesday for technical reasons, causing enormous frustration in the investment community.
Naspers, through its Naspers Foundry investment business, is leading a R160-million series-A funding round in South African fintech start-up Naked Insurance.
Shares in both Naspers and its European spinoff Prosus tumbled on Tuesday, following Tencent’s sharp fall after a Chinese state media article described online videogames as “spiritual opium”.
Technology investor Prosus will pay up to the equivalent of R2.1-billion in transaction fees when it buys a block of parent company Naspers’s shares, prompting criticism from investors.
Tencent’s WeChat has temporarily suspended registration of new users in mainland China as it undergoes a technical upgrade “to align with relevant laws and regulations”.
Technology investor Prosus and sister company Naspers fell sharply in Amsterdam and Johannesburg trading after China’s move to place restrictions on the country’s education-technology sector.
Naspers, through its Foundry start-up investment business, said on Wednesday that it is investing R34-million in Ctrl, a digital short-term insurance marketplace that connects consumers, brokers and insurers.