Chinese game and social media giant Tencent Holdings has sold 14.5 million shares of Singapore’s game and e-commerce company Sea, raising $ 3 billion.
The sale price is $ 208 per share. It was revealed in the term sheet obtained by Reuters.
Tencent announced late on the 4th that it had agreed to reduce its stake in Sea from 21.3% to 18.7%. Most of the shares held are planned to be held for a long time.
Tencent announced last month that it would transfer $ 16.4 billion worth of shares in JD.com, a major Chinese e-commerce company, to shareholders as a dividend. As the Chinese government tightened regulations on high-tech companies, it reduced its relationship with JD.com.
Sea stocks on the New York stock market fell 11.4% on the 4th. Sea also said that Tencent had agreed to reduce its voting stake to less than 10%.
Citi analysts said Tencent could reduce conflicts of interest when launching games directly into foreign markets.
Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.