World Economy

Tencent Drops

Tencent DropsTencent Drops

Tencent Holdings Ltd. slumped for the first time in 10 days after billionaire Chairman Ma Huateng cut his stake in the operator of Asia’s most-popular message services. The stock fell 4.4% to HK$163 ($21) at the trading break in Hong Kong, the most in almost a year. The benchmark Hang Seng index declined 0.5%, Bloomberg reported. Ma, China’s third-richest person, cut his stake to 9.65% from 9.86 percent and raised a combined HK$3.22b ($415m), according to filings to the Hong Kong stock exchange Monday. Selling shares sent a signal to investors to withdraw from the stock after a 62% surge in the 12 months through Monday, Louis Tse, a Hong Kong-based director of VC Brokerage Ltd., said Tuesday.