Tencent Cut Its Stake in Nio Stock by 25%

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Tencent Cut Its Stake in Nio Stock by 25%

InvestorPlace2023-06-27

Tencent’s (TCEHY) owns 124.11 million shares of Nio (NIO), equivalent to an 8% ownership stake.Tencent transferred 40.13 million shares to CYVN Holdings on June 23.NIO stock is down by over 10% this ...

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Pq23
·2023-06-27
why toh? good news leh
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davzo
·2023-06-27
Toh
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The filing showed that Tencent and its subsidiaries owned a total of 124.11 million shares of June 20, equivalent to an 8% ownership stake. Tencent last reported ownership of 164.24 million shares, which means that it reduced its position by 40.13 million shares, or by 24.44%.Tencent’s reduction in NIO stock is directly correlated to a deal with CYVN Holdings. Abu Dhabi’s government owns a majority stake in the investment firm. Tencent’s filing reads:“On June 20, 2023, Image Frame as the seller entered into a stock purchase agreement (the “June 2023 Stock Purchase Agreement”) with CYVN Holdings L.L.C., as the purchaser, to sell 40,137,614 Class A Ordinary Shares of the Issuer to the purchaser for an aggregate consideration of US$350 million. The transfer was completed on June 23, 2023.”NIO Stock: Tencent Cuts Stake Through Deal With CYVN HoldingsTencent is the parent company of Image Frame. Last week, it was announced that CYVN would enter into a share subscription agreement with Nio. 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