Chinese tech stocks fall after Naspers-owned Prosus announces share buyback plan

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.

Tencent slumped as much as 5.8%, the most in nearly six weeks, after Prosus NV on Monday said it intends to sell more of the mobile gaming giant’s stake. JD.com Inc. — another firm in which Prosus sold stock — and Bilibili Inc., were among the other big decliners on Tuesday. “The tech stocks have had a good rally, so it’s not surprising for us to see people taking profit or rotating among sectors.”

A growing chorus of global investors including JPMorgan Asset Management and Goldman Sachs Group Inc. have turned more sanguine on Chinese tech giants, citing attractive valuations and supportive policies.

Source: News Formal (newsformal.com)

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