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Technology   Tencent is still Asia's most valuable listed firm

Tencent loses $51 billion in market value in just two days

TencentTencent Holdings's shares fell more than 4 percent on Friday, wiping out around $23 billion of market value, after the Chinese internet firm's largest shareholder, Naspers, lowered its stake for the first time in 17 years.

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The Hong Kong-listed stock opened almost 8 percent lower at HK$405, its lowest start since Feb. 9, and closed at HK$420. Bourse data showed it was the most traded stock on Friday, with turnover of HK$126 billion ($16.05 billion).

Tencent has now lost more than $51 billion in market value in two days, having fallen 5 percent on Thursday - its steepest in over six weeks.

That decline came after Tencent late on Wednesday reported better-than-expected profit but missed analysts' revenue estimate and said aggressive investment might squeeze profit margins.

With a current market capitalisation of $508 billion, Tencent is still Asia's most valuable listed firm and fifth globally behind Apple, Alphabet, and Microsoft Corp.

South African media and e-commerce group Naspers said on Friday it raised $9.8 billion from the sale of 190 million Tencent shares, or 2 percent of its holding. It said it will use the money to strengthen its balance sheet and fund growth.

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