A Prosus flag is displayed ahead of the trading debut of the new Prosus NV unit of Naspers Ltd., outside the Amsterdam Stock Exchange, operated by Euronext NV, in Amsterdam, Netherlands, on 11 September 2019. Naspers will retain 73% of the new company, which will house everything from a 31% stake in Chinese online giant Tencent to food delivery and advertising firms from the U.S. to India and Brazil. (Photo: Jasper Juinen / Bloomberg via Getty Images A representative for Prosus confirmed the sale and said it reflects the company’s “active approach to portfolio management.” Trip.com didn’t immediately respond to a request seeking comment.
The exit comes about a month after Walmart Inc. unwound its eight-year partnership with Chinese e-commerce company JD.com Inc., selling its entire holding for $3.6 billion. The country’s stock market has been hit by deflationary pressures, an entrenched real estate crisis and international investors’ loss of confidence in Beijing. Chinese and Hong Kong stocks rallied on Tuesday after a wide-ranging stimulus package from China to revive growth in the world’s second-largest economy.
Read more: Walmart’s $3.6 Billion JD.com Sale Fuels China Tech Slump
Prosus and affiliate Naspers Ltd. have also been selling down their stake in Chinese games giant Tencent Holdings Ltd. Naspers, which began more than a century ago as a South African newspaper business, invested $34 million for nearly half of Tencent in 2001, in what became one of the most successful investments ever.