Shares of Chinese internet gaming and social media giant Tencent gave up early gains to fall as much as 2.5% to HK$374.60 in the early afternoon, after Prosus and Naspers said they would gradually sell shares in the firm. Tencent stock surged as much as 4.2% in morning trade to HK$400.20, its highest since June 9, before sliding in the afternoon. The stock last traded down 1.3%, the third biggest percentage decliner in the Hang Seng Tech Index.
Dutch technology investment company Prosus and its controlling shareholder Naspers of South Africa said on Monday they intend to sell down their enormous stake in Chinese software giant Tencent to fund a share purchase programme. The move buoyed the share price of both Prosus and Naspers on the JSE, with the tech giants surging by double digits in early morning trade on Monday. Naspers spiked more than 16%, trading at around R2 223 a share, while Prosus surged over 14% to above R1000 a share.
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