Caixin
Jun 21, 2022 05:22 PM
FINANCE

Tencent Slashes Wager on Stock That Soared 684% in Edtech Frenzy

Tencent’s headquarters in Shenzhen on Oct. 12. Photo: Bloomberg
Tencent’s headquarters in Shenzhen on Oct. 12. Photo: Bloomberg

(Bloomberg) — Tencent Holdings Ltd. slashed its stake in a Chinese education technology firm that staged an eye-watering rally in the past two weeks, as investors debate whether the sector’s surge is sustainable.

The mobile gaming giant reduced its holdings in Koolearn Technology Holding Ltd. to 1.6% from 9%, according to Hong Kong Exchange filings. Koolearn surged 684% in just nine trading sessions through June 16, as its foray into livestreaming e-commerce created social media buzz and market excitement after the sector was knocked down in Beijing’s sweeping tech crackdown last year.

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