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Tencent Falls in Hong Kong on Prosus Share Sale

Tencent Falls in Hong Kong on Prosus Share Sale

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Tencent was among the largest decliners on the Hong Kong stock exchange on Tuesday. Investors reacted to the announcement by tech investor Prosus to sell part of its stake in the Chinese internet and games company.

 

Prosus, which is listed in Amsterdam, wants to sell Tencent shares to buy back its shares and thus reward shareholders.

The Hang Seng index was 0.4 percent lower in the interim, partly due to the price loss of almost 5 percent for Tencent. JD.com also suffered a loss of 2.6 percent, after Prosus announced that it had sold its stake in the Chinese e-commerce company. In addition, it was announced that founder and former CEO Richard Liu of JD.com has sold a large stake in the company. Other major Chinese tech companies such as Alibaba and Meituan were also lowered, losing 2 and 1.5 percent.

The mood in the other major Asian stock markets was also cautious in the wake of the small price losses on Wall Street. Investors took it easy after last week’s strong recovery. The Shanghai stock market gained 0.2 percent after a new pledge from the Chinese central bank to continue supporting the economy. The Kospi in Seoul climbed 0.3 percent and in Sydney, the All Ordinaries rose 0.6 percent.

In Tokyo, which is suffering from a heat wave, the Nikkei closed 0.7 percent in the plus at 27,049.47 points. On Monday, the government called on some 37 million residents of the Japanese capital and surroundings to use less energy by turning off the lighting because of fears of power shortages due to the use of air conditioning. Among the companies, oil producer Inpex gained 4.5 percent after a recovery in oil prices.

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