Kuaishou, a Hong Kong-listed Chinese short-video platform, fell more than 6% on July 7 after Tencent sold 273 million Class B shares, cutting its stake to 9.4% from 15.68%, according to a July 6 filing.

The filing did not disclose the sale price, but based on Kuaishou’s July 6 closing price of HK$46, (US$5.9) the transaction would be worth about HK$12.56 billion, or US$1.6 billion.

Kuaishou said the sale was not expected to have an adverse effect on its operations.

It also said Tencent remained confident in Kuaishou’s long-term prospects and would maintain the companies’ business relationship.

Kuaishou also said it has repurchased 174.84 million Class B shares for HK$8.35 billion (US$1.06 billion) under its HK$16 billion (US$2.04 billion) buyback plan.

Separately, Tencent joined a group of investors in a US$3 billion funding round for Kling AI, Kuaishou’s AI video unit.

🔗 Source: South China Morning Post

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