By Alex Ho
Chinese technology heavyweight Tencent Holdings Ltd (HK:0700)’ shares in Hong Kong were down more than 2% after Pony Ma, the company’s chairman, trimmed his stake in the company.
Tencent’s shares last traded at HK$385.20 by 1:05 AM ET (05:05 GMT), down 2.7%.
The fall in prices came after stock exchange filings showed that Ma raised nearly 2 billion Hong Kong dollars ($257.4 million) by selling five million shares in Tencent between Jan. 14 and Jan. 17.
Following the sale, Ma still owns 8.53% of Tencent.
The disposal was the tycoon’s first sale since October 2017, when he cashed in about $2.1 billion Hong Kong dollar worth of his personal holdings.
