Tencent will sell more than $3bn worth of its shares in the Singaporean gaming and ecommerce group Sea Ltd, less than a month after it sold down its stake in JD.com, the Chinese ecommerce business.
China’s most valuable tech company said that once the transaction completes, its equity interest in Sea will fall from 21.3 per cent to 18.7 per cent. The shares being sold were worth about $3.2bn at the closing price on Tuesday.
In a statement, it said it would retain the “substantial majority” of its equity in Sea “for the long term” and would sell no more shares for the next six months. It gave no reason for the sale, but said the proceeds would “fund other investments and social initiatives”.
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