{"id":46953,"date":"2023-04-12T11:47:55","date_gmt":"2023-04-12T11:47:55","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales"},"modified":"2023-04-12T12:15:40","modified_gmt":"2023-04-12T12:15:40","slug":"tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales","title":{"rendered":"Tencent slumps amid speculation that Prosus is speeding up share sales"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Tencent Holdings tumbled by the most in seven weeks amid speculation its largest shareholder Prosus may speed up selling shares in the Chinese internet giant.<\/p>\n

Prosus plans to deposit an additional 96 million of shares into the Hong Kong stock clearing system. The move may signal a quicker selling pace and put pressure on the stock, even though Tencent has been repurchasing shares, according to traders. Tencent fell as much as 4.9% to HK$358 on Wednesday, the most since February 21.<\/p>\n

“It\u2019s likely that Prosus will speed up their selling of Tencent shares when it\u2019s near the level of HK$400,\u201d said Steven Leung, UOB Kay Hian executive director. \u201cTencent has been buying back their shares to offset the market impact of big holders selling every day, but still, such negative news would always cause some concern.”<\/p>\n

As of January this year, Prosus had sold more than 193 million Tencent shares for a net proceed of $7.2 billion, cutting its stake to about 26.9% from 29% in June 2022 when it first announced the selloff plan.<\/p>\n

Tencent has bought back a combined 8.3 million shares, snapping up almost every trading day since March 27, after suspending the operation for more than two months, according to data compiled by Bloomberg. Its buybacks earlier didn\u2019t manage to stem the stock declines when the market was concerned about a regulatory crackdown and Covid\u2019s impact on the economy.<\/p>\n

Shares of Tencent have rebounded 90% from its October low. The company\u2019s plan to develop a ChatGPT-like bot and Beijing\u2019s resumption of game approval have boosted its fortunes.<\/p>\n

“Tencent\u2019s share price always takes a hit when there\u2019s news of Prosus selling,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “But the sale doesn\u2019t affect the fundamentals of Tencent.”<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Tencent Holdings tumbled by the most in seven weeks amid speculation its largest shareholder Prosus may speed up selling shares in the Chinese internet giant. Prosus plans to deposit an additional 96 million of shares into the Hong Kong stock clearing system. The move may signal a quicker selling pace and put […]<\/p>\n","protected":false},"author":84,"featured_media":46952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-46953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nTencent slumps amid speculation that Prosus is speeding up share sales - South Africa<\/title>\n<meta name=\"description\" content=\"Tencent Holdings tumbled by the most in seven weeks amid speculation its largest shareholder Prosus may speed up selling ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tencent slumps amid speculation that Prosus is speeding up share sales\" \/>\n<meta property=\"og:description\" content=\"Tencent Holdings tumbled by the most in seven weeks amid speculation its largest shareholder Prosus may speed up selling ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-12T11:47:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-12T12:15:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/04\/postQueueImg_1681283890.68.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tencent slumps amid speculation that Prosus is speeding up share sales\",\"datePublished\":\"2023-04-12T11:47:55+00:00\",\"dateModified\":\"2023-04-12T12:15:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales\"},\"wordCount\":313,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/04\/postQueueImg_1681283890.68.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tencent-slumps-amid-speculation-that-prosus-is-speeding-up-share-sales\",\"name\":\"Tencent slumps amid speculation that Prosus is speeding up share sales - 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