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Prosus sale plan sends Chinese tech stocks tumbling

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A plan by Tencent’s major backer, Naspers-controlled Prosus, to further cut its stake in the company fuelled concerns among investors on Tuesday.

slumped as a plan by Tencent’s major backer, Naspers-controlled Prosus, to further cut its stake in the company fuelled concerns more investors may look to take profits following a strong rally.

“Tencent’s big shareholder sale is definitely hurting the whole market sentiment,” said Banny Lam, head of research at CEB International Investment. “The tech stocks have had a good rally, so it’s not surprising for us to see people taking profit or rotating among sectors.”The Chinese tech gauge has rebounded 43% from a record low in mid-March, as investors rotate back into the sector on bets that the worst of Beijing’s crackdowns — which triggered more than a year of heavy selling — is over.

 

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