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”.
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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.
Naspers-controlled consumer Internet investment group Prosus is leading an R18.2-billion funding round in Indian food-delivery giant Swiggy. Japan’s SoftBank Group is a co-investor in the round.
Shareholders of technology investor Prosus on Friday approved a deal with parent Naspers that will move most of the economic value of the intertwined companies to Amsterdam.
China’s antitrust regulator is set to formally block Tencent Holdings’ plan to merge the country’s top two videogame streaming sites, Huya and DouYu, three people familiar with the matter said.
Naspers and Prosus, the European-listed spin-off of Naspers, have appointed Ervin Tu as group chief of investments, strategy and mergers & acquisitions of both companies.
Naspers-controlled Takealot group reported revenue growth of 55% in the last financial year despite a ban on unfettered e-commerce during the height of the hard lockdown in 2020.