Naspers, Prosus and Tencent plunge on renewed China tech fears
Prosus’s share price has been under pressure since July 2021 when China launched a wide-ranging crackdown on technology companies
The share prices of Naspers and Prosus plunged on Monday, with the former wiping off about R75bn in value, as renewed concerns about tighter tech regulations in China resulted in a large market sell-off affecting their largest asset, Tencent.
On the day, Tencent shares lost 5.23%, collapsing the prices of Naspers and subsidiary Prosus in the process. Naspers shares fell the most in six months, down 8.03% to R2,057.72, while Prosus slid the most since mid-March 2020, early on in the Covid-19 pandemic. It lost 7.74% to R1,029.29, its lowest close since March 20 2020, while Naspers reached its lowest level since December 2019...
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