Tencent Trims Kuaishou Stake, Exits as Substantial Shareholder
MT Newswires Live
Jul 07
Kuaishou Technology (HKG:1024) said Tencent (HKG:0700) sold 272.9 million Class B shares in the company through an off-market block trade, according to a Monday filing with the Hong Kong bourse.
Following the disposal, Tencent's stake in Kuaishou fell to about 9.4% from nearly 15.7%, thereby ceasing to be a substantial shareholder.
The shares were sold to independent third-party investors, Kuaishou said.
The company also said it does not expect the share sale to have any material adverse effect on its operations.
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