Deals
Tencent Drops a Further $22 Billion After Naspers Trims Stake
- Asia’s largest company has dropped $48 billion in two days
- Nasper’s sale of stock at a discount compounds margin woes
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Tencent Holdings Ltd. has lost $48 billion of market value over two days, pummeled by a warning on margin pressure as well as a surprise sale of stock by its biggest shareholder.
Asia’s largest company slumped 4.4 percent in Hong Kong Friday, slicing $22 billion from its market value. The drop came after Naspers Ltd. revealed it raised HK$76.9 billion ($9.8 billion) selling a 2 percent stake at a 7.8 percent discount to Thursday’s close. The South African media company is cashing in a sliver of one of the greatest venture-capital investments ever -- a deal so large it ranks among the largest Hong Kong share sales of all time.