Yesterday, the largest shareholder of Asia’s largest technology company Tencent was looking to sell 2% of the company reducing it’s stake from 30.9% down to 28.9% raising around US$14 billion in the process. While this is a short term negative for the share price, the seller Prosus has committed not to sell any further shares for at least 3 years. This is actually a remarkable story given Prosus, which invests in internet based technology companies, invested just $US32m in Tencent back in 2001 and the shares today are worth a staggering US$239 billion.
MM remains bullish Tencent
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