Ma sells Tencent shares at discount
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Ma Huateng, chairman of Tencent, a Chinese Internet company. |
Tencent Chairman and CEO Ma Huateng reduced his holding of the company March 28, selling two million shares at an average price of HK$67.806, according to information provided by the Hong Kong Stock Exchange.
The selling price of the shares was more than 65 percent less than the stock's closing price of HK$195.20 on Wendesday. The sale, which netted HK$136 million, reduced Ma's stake in Tencent from 11.16 to 11.05 percent.
A call option contract Ma signed with investment banks on March 25, 2009, required him to sell the shares at the pre-determined price, HK$67.8, when the contract became due.
Tencent officials insist the move does not mark a vote of no confidence in the company's future.
"Ma's sale is a personal issue and has nothing to do with the company's operation," Catherine Chen, a spokeswoman at Tencent, said.
Ma is said to have another 8 million call options outstanding with investment banks, which will expire over the next month.
The stock fell 2.92 percent to HK$189.50 yesterday.
China's business press carried the story above on Saturday. China.org.cn has not checked the stories and does not vouch for their accuracy.
