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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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Prosus sells 2% of Tencent for $14.7 billion in world's largest block trade

04/07/2021 | 10:01pm EDT
FILE PHOTO: A Tencent logo is seen during the World Internet Conference in Wuzhen

(Reuters) -Holland-based technology investor Prosus NV has sold 2% of Tencent Holdings Ltd for $14.7 billion, the Chinese gaming and social media giant said on Thursday, in the world's largest-ever block trade.

Tencent, in a Hong Kong Stock Exchange filing, said Prosus sold 191.89 million shares for HK$114.1 billion ($14.67 billion), reducing its stake to 28.9%.

That works out as HK$595 per share, confirming Reuters' earlier report in which sources said Prosus sold the stock at the top of an indicative range of HK$575 to $HK595.

The price was a 5.5% discount to Tencent's Wednesday close of $HK629.50. The stock, which is up 10% so far this year, opened down 2.5% in Hong Kong following the news on Thursday.

Prosus, majority controlled by Naspers Ltd, did not respond to a request for comment on the pricing.

The block trade - or the usually private, single trade of a large amount of securities - surpassed the previous record set in 2018 when Naspers also sold 2% of Tencent for $9.8 billion, Refinitiv data showed.

"The proceeds of the sale will increase our financial flexibility, enabling us to invest in the significant growth potential we see across the group, as well as in our own stock," Prosus Chief Executive Bob van Dijk said in a statement.

Prosus also invests in online food delivery platforms, classified marketplaces and digital payments businesses.

For the half-year ended Sept. 30, it reported a 29% increase in core earnings at $2.2 billion, as proceeds from its Tencent stake offset losses at other online interests.

"We expect the news to viewed cautiously until there is more clarity on how the funds will be redeployed," analysts at Renaissance Capital said in a client note.

The sale is unlikely to lead to any short-term reduction in the gap between the market value of Prosus at 160 billion euros ($189.92 billion) and that of its Tencent stake at 200 billion euros as of Wednesday, the analysts said.

Citigroup Inc , Morgan Stanley and Goldman Sachs Group Inc were joint global coordinators for the sale.

($1 = 0.8425 euros)

($1 = 7.7849 Hong Kong dollars)

(Reporting by Scott Murdoch in Hong Kong, Toby Sterling in Amsterdam and Abhinav Ramnarayan in London; Editing by Jane Merriman and Christopher Cushing)

By Scott Murdoch and Toby Sterling


© Reuters 2021
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Financials
Sales 2021 592 B 90 664 M 90 664 M
Net income 2021 148 B 22 718 M 22 718 M
Net cash 2021 123 B 18 869 M 18 869 M
P/E ratio 2021 41,1x
Yield 2021 0,27%
Capitalization 5 938 B 764 B 909 B
EV / Sales 2021 9,82x
EV / Sales 2022 8,07x
Nbr of Employees 85 858
Free-Float 60,2%
Chart TENCENT HOLDINGS LIMITED
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 54
Average target price 648,17 CNY
Last Close Price 623,50 CNY
Spread / Highest target 39,6%
Spread / Average Target 3,96%
Spread / Lowest Target -31,4%
EPS Revisions
Managers and Directors
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
Sector and Competitors
1st jan.Capitalization (M$)
TENCENT HOLDINGS LIMITED10.55%744 853
NETFLIX, INC.2.40%245 244
PROSUS N.V.6.53%181 164
UBER TECHNOLOGIES, INC.18.90%112 845
AIRBNB, INC.21.22%106 634
NASPERS LIMITED16.07%100 483