For Tencent’s Anchor Shareholders, a Bad Operation Creates a Better Strategy

To the Russians’ interests, tech investor Prosus has had an even tougher first half of 2022 than its more famous cousin SoftBank. There’s a small chance, though: The carnage has forced the Dutch company to take a more meaningful step toward cashing in on its $133 billion stake in Chinese tech giant Tencent.

Prosus shares jumped 18 percent Monday after it said it would put Tencent shares on the market to fund an open-ended share buyback program. Amsterdam-listed group owns 29% stake in Tencent due to a spectacular early bet by majority South African owner Naspers—A fitting deal in recent investment history solely due to SoftBank’s backing of Alibaba. Prosus has Tencent’s blessing in re-fulfilling a promise made in April 2021 to not cut its stake for three years, it said. Tencent shares fell about 1.6% in Hong Kong on Monday as peers rallied.

https://www.wsj.com/articles/for-tencents-anchor-shareholder-a-bad-run-sparks-a-better-strategy-11656339498?mod=rss_markets_main For Tencent’s Anchor Shareholders, a Bad Operation Creates a Better Strategy

Luke Plunkett

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