Hong Kong — The president of Tencent Holdings, Asia’s most valuable listed company, has sold 1-million of his shares in the company at a premium of 5.4% to Wednesday’s closing market price, according to a regulatory filing. Martin Lau sold the shares in Tencent, whose stock more than doubled in value in 2017, at an average price of HK$434.36 ($55.35) each, reducing his stake to 0.48% from 0.49%, the stock exchange statement said. The sale comes after Tencent’s largest shareholder, Naspers, last week sold a 2% stake for $9.8bn. Tencent lost more than $51bn in market value in two days last week on news of Naspers’s share sale and management’s warning of margin pressure. The plunge came despite the company reporting better-than-expected profits. Its shares closed 4.63% lower at HK$412.2 on Wednesday, lagging a 2.5% drop in the Hang Seng Index. The fall sent Tencent out of the club of companies valued at more than $500bn, though with a market capitalisation of $499bn, it is still the mo...
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