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Tencent's Biggest Shareholder Just Made a Huge Move to Create Value

·5 min read

For years, Tencent's (OTC: TCEHY) largest shareholder, early investor Naspers (OTC: NPSNY), along with its cross-held holding company subsidiary Prosus (OTC: PROSY), has traded at a discount to its Tencent stake. Despite Naspers/Prosus' best efforts at financial engineering and diversifying its business into food delivery, digital payments, education technology, and e-commerce in emerging markets, the discount has continued to widen. Based on its recent net asset value, incorporating both prevailing market prices and analyst estimates for private assets, Prosus trades at just over half of its net asset value (NAV), while Naspers is even cheaper, at around 45% of NAV.