Tencent Placement Lock-up Expiry - US$10bn+ block and Buyback linked Holdco trade updates
On 22nd March 2018, after market close in Hong Kong one of the largest overnight placements was launched. On that day, Naspers reluctantly sold US$10bn worth of Tencent shares. I say reluctantly because Naspers provided a three year lock-up at the time of the deal. That lock-up will expire in a week’s time.We have covered the previous placement in our earlier note, Tencent Placement - Huge Deal in Size, Small in Relative Terms - Succumbing to the HoldCo Discount and spoken about the implication of the lock-up expiry in our Feb 2021 note, Tencent Placement Lock-up Expiry - US$10bn+ block and Buyback linked Holdco trade.
In this note, I’ll talk about the updates since then.
Naspers and its operating subsidiaries, joint ventures and associated companies are engaged in the operation of pay television and the provision of related technologies, the operation of internet and instant messaging subscriber platforms, e-commerce platforms and the publishing, distribution and printing of magazines, newspapers and books. These activities are conducted primarily in South Africa, sub-Saharan Africa, China, Central and Eastern Europe, Russia, India and Brazil. Co. is organized into three business segments: Electronic media; Print media; and Corporate services.
Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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