Tencent Holdings cut its stake in Singapore’s Sea Ltd. by selling $3bn in shares. The stake sale comes about a month after Tencent said it would give $16.4bn of JD.com stock as a one-time dividend. Bloomberg notes that the stake sale might also give indications of Tencent planning to cut its holdings in some of the nation’s biggest tech companies like Meituan etc. These moves come on the back of Beijing’s crackdown on tech companies regarding anti-monopoly rules and data privacy issues with Bloomberg Intelligence’s Cecilia Chan adding that it “may lead to more divestment in the country’s internet space in the coming months”.

Tencent’s dollar bonds were slightly lower with its 3.94% 2061s down 1.1 points to 103.36, yielding 3.77%.For the full story, click here
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