Tencent loses US$51bil in market value in two days

Strategic partner: Ma says Naspers is a steadfast strategic partner over a great many years. The South African media and e-commerce group still has 31.2 in Tencent. — AP

HONG KONG: Tencent Holdings Ltd’s shares fell more than 4%, wiping out around US$23bil of market value, after the Chinese Internet firm’s largest shareholder, Naspers Ltd, lowered its stake for the first time in 17 years.

The Hong Kong-listed stock opened almost 8% lower at HK$405, its lowest start since Feb 9, and closed at HK$420.