Business
Tencent Divests US$206 Million in Futu Shares Amid China’s Economic Stimulus Drive: Aligning with Portfolio Unwinding Strategy
Tencent has sold off Futu shares worth $206 million as part of China's effort to stimulate the economy. An insider reports that the sale of these shares is consistent with Tencent's recent strategy of reducing some of its investments.
An unnamed investor gained approximately $206 million following the sale of Futu's American depositary shares with a 5.9 percent premium compared to the most recent close, as per the details observed by Bloomberg News on Thursday. It's uncommon for investors to dispose of stocks at higher prices in block trades.
Tencent has been gradually divesting from its investment portfolio and the sale of Futu shares aligns with this strategy, according to an anonymous source. When approached for comments outside of China's business hours, spokespersons for Tencent and Futu did not instantly react.
Futu's stock value increased by 7.88 percent in New York on Thursday, pushing its four-day surge to over 20 percent.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.