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Prosus Cuts Tencent Stake in Latest Pullback From Chinese Firms

  • Dutch e-commerce firm Prosus owns a 29% stake in Tencent
  • Latest in a series of Chinese sales from big-name investors
A pedestrian near signage for Tencent Holdings Ltd. in Shenzhen, China.

A pedestrian near signage for Tencent Holdings Ltd. in Shenzhen, China.

Photographer: Qilai Shen/Bloomberg
Updated on

Naspers Ltd.’s Dutch unit Prosus NV continued its plan to cut back its stake in Tencent Holdings Ltd., the latest in a series of moves from early backers to unwind bets on Chinese companies.

Tencent shares worth $7.6 billion had earlier appeared in Hong Kong’s clearing and settlement system, typically a precursor to offloading stock. Prosus said later on Thursday the movement of shares, and eventual sale, will help fund its own share-buyback program.