Shares in Naspers and its international arm Prosus have fallen the most in more than a week, even as the JSE rallied to an all-time high after the Wall Street Journal reported that US authorities may ban Americans from investing in the stock of Chinese internet giant Tencent, which is Naspers’s most significant investment.
“It’s obviously extremely material for Naspers and Prosus should any of this happen,” said Wayne McCurrie, a portfolio manager at FNB Wealth & Investments. “Politicians around the world are becoming increasingly concerned about the inherent power of the big tech companies, especially social media, which can influence public opinion. Any scrutiny by any authority can’t be good for tech.”
Naspers spun off Prosus in September 2019 to create a new entity to house its international investments and separate them from its SA assets. Naspers owns 31.2% of Tencent via Prosus, which is 73% owned by Naspers and is listed in both Amsterdam and Johannesburg.The potential US ban on Tencent comes amid growing US sanctions against Chinese companies believed to be linked to China’s intelligence and state security apparatus.
The New York Stock Exchange said on Wednesday that it would delist the shares of three Chinese companies — China Telecom, China Mobile and China Unicom — by January 11 to comply with Trump’s executive order.
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MARKET WRAP: Gains by Naspers and Prosus boost JSEBetter than expected PMI data from a number of countries, including SA, also drove positive sentiment There is no greater joy than having financial freedom to earn and a life free of debts, that’s why I keep posting a comment about majestic_marv
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