Tencent Sells $3 Billion in Shares of Singapore Gaming Company Sea

(Bloomberg) — Tencent Holdings Ltd. cut its stake in Singapore’s Sea Ltd. by selling $3 billion in shares, sparking a rout in the Southeast Asian gaming and e-commerce company.

The deal will likely inflame speculation Tencent is planning to pare its holdings in some of China’s biggest tech names from Meituan to Kuaishou Technology, as it pivots toward overseas growth and new areas such as the metaverse. China’s social media and gaming leader controlled a portfolio of investments worth $185 billion at the end of September, Bloomberg Intelligence estimates.