Deals
Tencent Is the Seller in Futu’s $206 Million Block Trade
- Chinese tech firm selling Futu shares at premium to last close
- Shareholders in some Chinese companies have been cashing out
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Tencent Holdings Ltd. is the seller behind a share sale of Chinese brokerage-platform operator Futu Holdings Ltd., according to people familiar with the matter, the latest that takes advantage of improving market conditions after Beijing unveiled economic stimulus.
An unidentified shareholder raised about $206 million after selling Futu’s American depositary shares at a 5.9% premium to last close, according to terms seen by Bloomberg News on Thursday. It’s rare to see investors offload stocks at premiums in block trades.