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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.

Financialtribune.com