Tencent Holdings Ltd. (00700.HK) chairman and chief executive Pony Ma Huateng sold a total of 20 million shares of the internet giant for HK$3.22 billion on two consecutive days last week amid a strong rally in the stock market.
Ma’s ownership dropped to 9.65 percent from 9.86 percent after the sales, which were done at HK$162.259 and HK$159.814 apiece, the Hong Kong Economic Journal reported Tuesday.
A Tencent spokesman said the stock sales arose from Ma’s decisions regarding his personal finances and had nothing to do with the outlook for the company’s business.
President and executive director Lau Chi-ping sold a combined 2.5 million shares over four days last month for HK$357 million, slashing his holding to 0.48 percent from 0.51 percent.
Independent director Bruce Ferguson sold 20,000 shares earlier this month for about HK$3.04 million.
Bank of America Merrill Lynch revised its target price for the media and communications conglomerate upward by 18 percent to HK$183 on rising revenue and operating income.
The new target price is 7.33 percent above the stock’s closing price Monday.
Translation by Vey Wong
[Chinese version 中文版]
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