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Reuters
Published
Mar 28, 2018
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Tencent president sells $55 million worth of company shares

By
Reuters
Published
Mar 28, 2018

Martin Lau sold the shares in Tencent, whose stock more than doubled in value in 2017, at an average price of HK$434.36 ($55.35) apiece, reducing his stake to 0.48 percent from 0.49 percent, the stock exchange statement said.




The sale comes after Tencent’s largest shareholder, Naspers Inc, last week sold a 2 percent stake for $9.8 billion, the first time in 17 years it had reduced its stake.

Tencent lost more than $51 billion in market value in two days last week on news of Naspers’ share sale and also management’s warning of margin pressure. The plunge came despite the company reporting better-than-expected profits.

Its shares closed 4.63 percent lower at HK$412.2 on Wednesday, lagging a 2.5 percent drop in the benchmark Hang Seng Index.

The fall sent Tencent out of the club of companies valued at more than $500 billion, though with a market capitalisation of $499 billion, it is still the most valuable listed company in Asia and the fifth globally .

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