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Tencent shares set to open down 7.8% after Naspers' selldown

The stocks were set to open at HK$405, the lowest opening price since 9 February. That compared with a 3.67% fall in the benchmark index.

Picture: Supplied.

HONG KONG - Shares of Tencent Holdings Ltd were set to open down 7.83% on Friday after Naspers Ltd’s plan to cut its stake in the Chinese internet giant in a deal that could net the South African media and e-commerce group up to $11 billion.

The stocks were set to open at HK$405, the lowest opening price since 9 February. That compared with a 3.67% fall in the benchmark index.

Naspers plans to sell up to 190 million shares, or 2%, in Tencent and said it has no plans to reduce its holding further for the next three years.

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