Tencent shares slump as Prosus seen to step up selling

Tencent Holdings Ltd. tumbled by the most in over two months on signs that its largest shareholder Prosus NV may extend the selling of the Chinese tech firm’s stock.

The internet company’s shares dropped 5.2% to HK$357.2 in Hong Kong, the most since late January, after news that Prosus planned to deposit an additional 96 million of shares into the city’s stock clearing system, typically a precursor to selling. Prosus shares fell as much as 5.5% in Amsterdam while parent Naspers declined as much as 3.6% in Johannesburg.