Tencent Looses Investment and Value

Tencent Holdings Ltd’s (0700.HK) shares fell more than 4 percent on Friday, wiping out around $23 billion of market value, after the Chinese internet firm’s largest shareholder, Naspers Ltd (NPNJn.J), lowered its stake for the first time in 17 years.

The Hong Kong-listed stock opened almost 8 percent lower at HK$405, its lowest start since Feb. 9, and closed at HK$420. Bourse data showed it was the most traded stock on Friday, with turnover of HK$126 billion ($16.05 billion).

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