Tencent barely shaken by record-breaking selldown

Shares held up well after a gigantic $9.8 billion block sale by its biggest shareholder amid fears of a trade war between China and the US.

Shares in Tencent stayed afloat on Friday following a massive selldown that saw its biggest shareholder cut its stake for HK$76.9 billion $9.8 billion overnight, underlying public investor support for the tech giant despite less-than-satisfactory operating results for last year.

The Chinese tech giant pared losses for nearly the entire trading day, and eventually closed 4.4% lower at HK$420 a better-than-expected outcome for many investors that participated in the record-breaking block trade a day earlier.

The outcome looked even better in the context of a global stock market that was overshadowed by fears of a trade war between China and the US. Hong Kong’s...

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