Tencent Shares Down as Pony Ma Trims Stake in Company 

Investing.com

Published Jan 21, 2020 01:07AM ET

By Alex Ho

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Investing.com - Chinese technology heavyweight Tencent Holdings Ltd (HK:0700)’ shares in Hong Kong were down more than 2% after Pony Ma, the company’s chairman, trimmed his stake in the company.

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Tencent’s shares last traded at HK$385.20 by 1:05 AM ET (05:05 GMT), down 2.7%.

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The fall in prices came after stock exchange filings showed that Ma raised nearly 2 billion Hong Kong dollars ($257.4 million) by selling five million shares in Tencent between Jan. 14 and Jan. 17.

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Following the sale, Ma still owns 8.53% of Tencent.

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The disposal was the tycoon’s first sale since October 2017, when he cashed in about $2.1 billion Hong Kong dollar worth of his personal holdings.

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