Pony Ma, the Chair of Tencent Holdings, has sold 25 million shares in Hong Kong Stock Exchange listed-Tencent in just four consecutive days since this past Monday.
The shares sold amount to HKD 3.868 billion (USD 499 million). With the transactions completed, Pony Ma’s stake in Tencent has decreased from 9.36% to 9.1%. This is the fourth time Pony Ma has reduced his share in Tencent in a one-year time span.
The last time Ma offloaded was in September when he cashed out a total of HKD 3.2 billion (USD 410 million), which reduced his shares in the company from 9.62% to 9.37%. He also made two major reductions last year in December and April of this year.
Tencent’s stock price tumbled about 3% on December 3rd to HKD 151 (USD 19.48) per share. Tencent’s stock price saw minor fluctuations with no major impacts following Ma’s previous offloads.
According to earlier reports, Pony Ma is using money accrued from the sell offs to make personal investments into other major companies with help from Jack Ma.