Naspers and Prosus fall on report that US may ban investment in Tencent
The Wall Street Journal says the US may ban investment in Tencent and Alibaba, but there are fears of capital market disruption
Shares in Naspers and its international arm Prosus have fallen the most in more than a week, even as the JSE rallied to an all-time high after the Wall Street Journal reported that US authorities may ban Americans from investing in the stock of Chinese internet giant Tencent, which is Naspers’s most significant investment.
The New York-based business daily said officials from the US state department and department of defence have held talks on expanding a blacklist of companies alleged to have ties to China’s military and state security. Tencent and Alibaba were specifically mentioned as companies likely to be added to the list, though the plan may not proceed due to concerns about disruptions to US capital markets, the Wall Street Journal reported on Wednesday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.