Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds
Since unwinding the Naspers (NPN SJ)/Prosus (PRX NA) circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling.
Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.
On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.
Very Quickly On The HKEx Disclosure
In Hong Kong, substantial shareholders must disclose when their stake increases or decreases through a whole 1% boundary.
This has led to the last seven Tencent notices from Prosus after it dipped below 29% in April 2021, including the most recent on the 17th July 2025, when the holding edged below 23%.
Prosus cleared 23% around seven and half months after clearing 24%.
Prosus cleared 24% almost exactly a year after edging below 25%.
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