Tencent Shares on the Block as Prosus Looks to Fund Buyback

Tencent Holdings largest shareholder scrapped a promise not to sell more stock in the Chinese internet giant until 2024, saying it would pare its stake to fund a share-buyback program.

The move by internet conglomerate Prosus NV and its parent company, Naspers represents a renewed effort to narrow the gap between how the two investment companies are valued by the market and the value of their holdings in Tencent and other assets.