Tencent Is the Seller in Futu's $206 Million Block Trade [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance
Most Read from Bloomberg An unidentified shareholder raised about $206 million after selling Futu's American depositary shares at a 5.9% premium to last close, according to terms seen by Bloomberg News on Thursday. It's rare to see investors offload stocks at premiums in block trades. Tencent has been unwinding some of its investment portfolio and the Futu share sale is in line with the strategy, one of the people said, asking not to be identified as the information is private. Representatives for Tencent and Futu didn't immediately respond to requests for comment outside of business hours in China. Shares of Futu jumped 7.7% as of 10:18 a.m. in New York on Thursday, extending their four-day rally to more than 20%. Shareholders in some Chinese companies have cashed out more than $1 billion from their holdings in the past week. Internet investing firm Prosus NV has sold its entire stake in online travel agency Trip.com in a $743 million block trade, Bloomberg News has reported
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