Feirre wrote a post · Nov 30, 2023 16:21

TENCENT Ticks Up 2.5%, Unbothered by Substantial Shareholder's Stake Cut

$TENCENT (00700.HK)$ , unbothered by news of substantial shareholder cutting stake, received support at 20MA ($316.64) yesterday. It recouped 10MA ($322.6) today, peaking at $326. It last bounced back 2.5% to $324.8, on volume of 15.43 million shares, already close to the full-day volume of yesterday of 16.86 million shares.

$Prosus N.V. Sponsored ADR (PROSY.US)$, a subsidiary of $NASPERS LTD ADR (NPSNY.US)$, which is the major shareholder of TENCENT, released its financial results for the interim period ended September. Prosus offloaded 1% of its stake in TENCENT during April-September to 25% to cash in US$4 billion.

Also, during the period from October to 24 November, the Group sold more than 26.2 million shares of TENCENT, pocketing US$1 billion.

$Tencent (TCEHY.US)$ $China Concept Stocks (LIST2517.US)$ $Hang Seng TECH Index (800700.HK)$

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more