Home / TechnologyNews / Tencent shares set to open down 7.8 percent after Naspers’ selldown

Tencent shares set to open down 7.8 percent after Naspers’ selldown

HONG KONG (Reuters) – Shares of Tencent Holdings Ltd were set to open down 7.83 percent on Friday after Naspers Ltd’s plan to cut its stake in the Chinese internet giant in a deal that could net the South African media and e-commerce group up to $11 billion.

A Tencent sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 4, 2017. REUTERS/Aly Song

The stocks were set to open at HK$405, the lowest opening price since Feb. 9. That compared with a 3.67 percent fall in the benchmark index.

Naspers plans to sell up to 190 million shares, or 2 percent, in Tencent and said it has no plans to reduce its holding further for the next three years.

Reporting by Donny Kwok; Editing by Paul Tait

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