Tencent Shares Set To Open Down 7.8% After Naspers’ Selldown

PICTURE: Tencent

HONG KONG: Tencent Holdings slumped in Hong Kong after Naspers, its biggest investor, raised HK$76.9 billion ($9.8 billion) selling stock at a discount.

Shares of Tencent were set to open down 7.83% on Friday after Naspers Ltd’s plan to cut its stake in the Chinese internet giant in a deal that could net the South African media and e-commerce group up to $11 billion.

The stocks were set to open at HK$405, the lowest opening price since 9 February. That compared with a 3.67% fall in the benchmark index.

Naspers will use the money from the sale of Tencent shares to invest in its classifieds, online food delivery and fintech businesses and make other investments. A representative for Naspers couldn’t immediately be reached for further comment.