Hong Kong — Traders in China are unwinding positions in Tencent faster than ever, turning to other targets amid a lack of reasons to push Asia’s biggest stock any higher. Mainland investors sold a net $81m worth of shares in the Chinese internet giant through trading links with Hong Kong on Tuesday, according to exchange data. That’s the 12th day of net selling in 13 days, bringing the total sold to more than $740m since May 10, or about 7.1% of their total holdings in the stock. Tencent’s record quarterly profit and better-than-expected margins offered only a short-lived boost for its shares, which lost almost $100bn in value ahead of the results in mid-May. The stock is likely to hover around HK$400 on the expectation that gaming revenue will be weak this quarter, as the company does not plan to release any new titles, according to UOB Kay Hian analyst Julia Pan.
"Mainland investors are shifting their funds away from Tencent to some hot stocks in the market," said Shanghai-b...
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