Aug 08, 2022 08:10 PM

BUSINESS

Tencent Dumps Shares of Chinese Film Studio in Latest Sign of Movie Industry Struggles

By Guan Cong and Ding Yi

Huayi Brothers headquarters in Beijing on June 8. Photo: VCG

Huayi Brothers headquarters in Beijing on June 8. Photo: VCG

Tencent Holdings Ltd. has slashed its stake in a Chinese film studio that is grappling with financial losses as the industry continues to struggle under the weight of sporadic Covid-19 outbreaks across the country.

The Shenzhen-based internet titan cut its holdings in Huayi Brothers Media Corp. to 5% from 8% through a series of transactions made between last Tuesday and Thursday, according to a filing Huayi submitted to the Shenzhen Stock Exchange on Friday.

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