Tencent Holdings reported a 25% gain in quarterly revenue as China’s largest company sustained a boom in gaming and cloud that began during the Covid-19 pandemic.
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For now, Naspers and Prosus CEO Bob van Dijk has managed to figure out a short-term fix for his problem. Eventually he’ll need to think longer term. By Alex Webb.
Ultimately, investors may have to learn to live with the valuation gap between Naspers and Tencent. And management may have to ignore complaints about it and focus on growing Prosus’s investments.
Prosus on Wednesday announced plans to acquire up to 45.4% of shares in parent Naspers in a deal aimed at moving part of the value of their massive stake in Tencent to Europe from Africa.
China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country’s Internet giants, two people with direct knowledge of the matter said.
Pony Ma pledged $7.7-billion towards curing societal ills and lifting China’s countryside out of poverty, echoing Xi Jinping’s priorities at a time Beijing is tightening its grip on Internet giants.
Just last year, the world’s most valuable start-up, ByteDance, was being squeezed from all sides. For all the obstacles, the company kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people.
Investors in Naspers said on Thursday they want proceeds from a $14.7-billion stake sale in its Tencent Holdings investment to go towards blockbuster acquisitions or a share buyback.
Shares of Tencent Holdings dropped in Hong Kong after Naspers unit Prosus priced its placement of the Chinese Internet giant’s stock at the top end of a marketed range, raising $14.7-billion.
Naspers spin-off, technology investment company Prosus, plans to sell a 2% stake in China’s Tencent, worth about R218-billion at current prices, in an accelerated offering to institutional investors.