Naspers has rubbished an report that it is in talks with a Chinese investment company to sell all its remaining shares in Tencent.
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Tencent is on track to close at its lowest point in five years as investor sentiment turned negative over China’s macro outlook.
Investors have been spooked by new US export control measures aimed at slowing Beijing’s technological and military advances.
Tencent Holdings is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies.
Tencent has lost its title as China’s biggest company, the latest sign of how far regulatory risk and dimming growth prospects have set back the country’s tech industry.
Tencent Holdings’ buyback spree is failing to revive investor sentiment over the online gaming giant, whose shares are languishing near a 2018 low.
Tencent Music Entertainment Group is pressing ahead with its Hong Kong listing plans.
Tencent shares worth $7.6-billion have appeared in Hong Kong’s clearing and settlement system, spurring speculation.
For early backers, including Naspers, they’ve been some of the most profitable Chinese stock investments of all time.
The Naspers-controlled Internet investment firm has agreed to pay as much as €1.8-billion to acquire a further 33.3% stake in Brazil’s iFood.