The Naspers-Prosus cross-holding entity, a stock market heavyweight widely held by pension funds and portfolio managers, fell off a cliff on Monday, slashing more than R432bn off its market value after an election result in China — home to its money-spinner — triggered worries that the world’s No2 economy may tilt away from free markets.

Shares in Prosus, which is part of a complex cross-holding structure with Naspers and owns about 29% of Chinese internet powerhouse Tencent, crashed more than 15%, its biggest one-day fall yet. Naspers, which shares the same board with Prosus, slumped 17%...

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