Napsers agreed with a placing agent yesterday to sell an approximately 2% stake in Tencent Holdings, according to a statement by Tencent today. Naspers would still own 31.2% of Tencent afterward and wouldn’t sell shares again for at least the next three years. Tencent’s Hong Kong-traded shares nevertheless dropped 4.4% today, also weighed down by worries about uncertainty in U.S.-China relations. Today’s decline in Tencent’s shares followed a nearly 5% plunge yesterday following an earnings report that disappointed investors. The two-day fall in the company’s shares has wiped out $4.5 billion of the fortune of Asia’s richest man, Tencent Chairman Ma Huateng.

Source: Forbes March 23, 2018 10:41 UTC