Tencent moves to sell up to $1.6B of its Kuaishou stake
TL;DR
Tencent is selling about 273 million Kuaishou shares (a 7.5% stake) in a block trade worth up to $1.55-1.6bn, cutting its holding to roughly 9.37% from 15.68%. The selldown lands just after Tencent helped fund Kuaishou’s Kling AI spinoff, reading as a rotation from mature short video into generative AI.
Tencent is seeking up to $1.6bn by selling down its stake in short-video platform Kuaishou, Bloomberg reports. A term sheet seen by Reuters puts the block trade at up to $1.55bn.
The deal covers about 273 million shares, a 7.5% stake, offered at HK$43.15 to HK$44.53 each. That represents a discount of 3.2% to 6.2% to Monday’s close in Hong Kong.
The sale cuts Tencent’s holding in its long-time ally from 15.68% to about 9.37%, and Kuaishou confirmed the off-market disposal in an exchange filing. Kuaishou has meanwhile pressed ahead with its own share buybacks.
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