Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Tencent’s Stock Dropped Following the Announcement by Tencent’s Largest Shareholder to Sell Shares in the Chinese Internet Giant

Following the announcement by Tencent’s largest shareholder that it intends to sell shares in the Chinese internet giant to finance a share buyback program, Tencent’s stock dropped 2.4% Monday.

Amsterdam-listed To finance stock repurchases, Prosus PRX +17.94% (ticker: PRX.Amsterdam), a Naspers NPSNY +5.51% (NPSNY) subsidiary, said that it will “begin selling limited amounts of ordinary shares… routinely and in an orderly way.” Tencent is 29 percent owned by Prosus (TCEHY).

According to a press release from Naspers, “Tencent is pleased to see Prosus remove the voluntary limitation on the sale of its Tencent shares.” The boards of Naspers and Prosus “have tremendous confidence in Tencent’s long-term prospects,” the statement said.

According to Naspers, Tencent stock sales “will constitute a modest proportion of the typical daily traded volume of Tencent shares.”

Shares of Tencent, which have lost more than 15 percent this year, closed down 1.25 percent in Hong Kong. Shares of Prosus jumped 13.36 percent in European trade in the early morning hours.

Netherland’s Prosus, a subsidiary of Naspers, has sold its whole investment in the Chinese e-commerce business JD.com for $3.67 billion, the company said in a statement Monday.

The post Tencent’s Stock Dropped Following the Announcement by Tencent’s Largest Shareholder to Sell Shares in the Chinese Internet Giant appeared first on Best Stocks.

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