Tencent Market Value Drops $11 Billion After Chairman Cuts Stake
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Tencent Holdings Ltd.’s market value plunged by $11 billion after billionaire Chairman Ma Huateng cut his stake in the operator of Asia’s most-popular message services.
The stock fell 5.5 percent to HK$161.20 at the close of trade in Hong Kong, the biggest decline in almost a year. The benchmark Hang Seng index declined 1.6 percent.