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.
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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.
A unit of Naspers has invested in Lucky to help the Egyptian fintech start-up expand in North Africa and the Middle East.
The JSE had a spectacular trading session on Wednesday after Tencent Holdings’ shares leapt more than 23% in Asian trading.
Investors punished Chinese shares again on Tuesday, inflicting further collateral damage on South Africa’s Naspers and its European-listed spinoff, Prosus.
Chinese technology stocks slid for a third session on Tuesday amid concerns over Beijing’s ties with Russia and a persistent regulatory overhang.