Tencent Leads China Tech Losses as Major Backer Plans to Cut Its Stake

(Bloomberg) — Chinese technology stocks fell as a plan by Tencent Holdings Ltd.’s major backer to further cut its stake in the company fueled concerns more investors may look to take profits following a strong rally. Most Read from Bloomberg The Hang Seng Tech Index slid as much as 2.9% Tuesday, the most since June … Read more

Tencent’s Top Backer to Cut $134 Billion Stake, Scrapping Pledge

(Bloomberg) — Prosus NV is planning to sell more of its $134 billion stake in Chinese internet giant Tencent Holdings Ltd. to finance a buyback program, reversing a pledge to hold onto the full shareholding despite regulatory uncertainty. Most Read from Bloomberg Tencent erased earlier gains in Hong Kong on Monday as investors pondered the … Read more

Tencent-Backer Prosus Unloads Nearly $4 Billion of JD.com Stock

(Bloomberg) — An arm of South African internet giant Naspers Ltd. sold almost $4 billion worth of stock in JD.com Inc. that it got as dividends from investee Tencent, saying the e-commerce firm didn’t fit with its broader strategy. Most Read from Bloomberg Naspers subsidiary Prosus NV sold more than 131.8 million shares in JD … Read more