Tencent Shares Slump as Top Shareholder Signals More Selling

Prosus, an early investor in Tencent through its Cape Town-based parent Naspers Ltd., first started its campaign to pare back holdings in mid-2022

(Bloomberg) — Tencent Holdings Ltd. shares tumbled by the most in more than two months on signs that its largest shareholder, Prosus NV, may extend selling the Chinese tech giant’s stock.

The internet company’s shares dropped 5.2% to HK$357.2 ($45.50) in Hong Kong, the most since late January. That followed news that Prosus planned to deposit an additional 96 million shares into the city’s stock clearing system, typically a precursor to selling. Prosus shares fell as much as 5.5% in Amsterdam while parent Naspers declined as much as 3.6% in Johannesburg.