(Yicai Global) Dec. 14 -- South African media group Naspers Ltd. [JSE:NPN], which is the largest shareholder in Chinese tech behemoth Tencent Holdings Ltd. [HKG:0700], will not cut its shares in the Hong Kong-listed firm, even though the value of its holdings there have exceeded its own market value, said Chief Executive Bob Van Dijk.

Tencent's share price has more than doubled since the beginning of the year. Its market cap hit HKD3.76 trillion (USD481 billion) at closing yesterday, Hong Kong Economic Times reported today. Naspers has a 33.17-percent stake in the Chinese firm.

The South African firm's HKD867.5-billion market value is higher than any other company on the continent, but its shares in Tencent are worth HKD1.25 trillion.

Van Dijk acknowledged the difference between the figures in a telephone interview, but said the firm has no plans to sell the shares. In order to fill the void, it will consider raising new funds through depositary receipts and other means, or splitting its business and listing a second unit.

Koos Bekker, Naspers' chairman, said in August that investors were pushing the company to sell some of its stake in Tencent, which listed in 2004, but he had no plans to sell as it was one of their best investments.

Naspers paid USD32 million in 2001 for a 46.5-percent stake in Tencent. It hasn't sold shares, but equity expansion has pushed its holding down to just under a third.