China’s regulatory clampdown on industries such as tutoring and tech has unnerved global investors. We see little global spillover risk from China’s assertion of greater control over certain industries, even as it potentially leads to market volatility.
By Nishlen Govender, Portfolio Manager, Citadel. Since Naspers, the JSE’s highest market cap stock, announced in March that is was to reduce its holding in Tencent by 2%, the Chinese tech company has received considerable attention. Notably, Tencent shares have lost a third of their value so far this year.
By Moody’s Investors Service On Friday, Naspers Limited (Baa3 stable) announced that it had reduced its stake in Tencent Holdings Limited (A1 stable) to 31.2% from 33.2% for proceeds of $9.8 billion through an accelerated offering to investors. The disposal is credit positive for Naspers because it strengthens the company’s balance sheet to fund a scaling...
Naspers has announced its intention to sell up to 190 million Tencent Holdings Limited (Tencent) shares, equal to 2% of Tencent’s total issued share capital (the Tencent Sale Shares), reducing its stake in Tencent from 33,2% to 31,2% (the Transaction). This is according to a notification published on SENS this morning.
Uber, the on-demand transport business, is now the world’s most valuable travel start-up, valued at more than $40 billion. In fact, it has the potential to become the most highly valued private company in the world. All of this with no fleet of its own.
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