(Yicai Global) April 12 -- Tencent Holdings’ stock price sank after Prosus, the Chinese internet giant’s largest shareholder, revealed plans that may lead to the global investment group further reducing its stake in the firm.

Tencent [HKG: 0700] finished 5.2 percent lower at HKD357.20 (USD45.50) a share today, but is still up more than 13 percent so far this year.

Prosus will deposit an additional 96 million of Tencent shares it holds in certificate form into Hong Kong’s central clearing and settlement system this week, the unit of South African media giant Naspers said in a statement yesterday. Such a move usually precedes a sale.

Prosus first announced last June that it would begin to shrink its stake in Shenzhen-based Tencent, in which it first invested 22 years ago. The number sold each day would be maintained at a small percentage -- 3 percent to 5 percent -- of Tencent’s average daily traded volume, the Netherlands-based firm said at the time.

Since that announcement, Prosus has sold 188 million Tencent shares, or nearly 2 percent, reducing its stake to 26.9 percent at the end of last year. Prosus also sold about 2 percent in March 2018 and another 2 percent in April 2021.

Editor: Peter Thomas