Naspers, a widely held stock by money managers, pension funds and retail investors, is in for a R100bn payday after Tencent unveiled a plan on Wednesday to distribute its stake in Chinese food delivery business Meituan to shareholders.

Tencent’s announcement is good news for its largest investor, Naspers, which owns the stake indirectly via its Dutch-listed e-commerce business, Prosus. Naspers has underperformed in the stock market over the past two years, shedding more than half its value as it bore the brunt of Beijing’s brutal crackdown on tech firms...

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