UPDATE -- Sources: CITIC-led group in talks to buy all Tencent shares from Naspers

Asian Tech Press (Oct 31) -- A CITIC-led consortium is in talks with South African internet group Naspers Ltd. to buy all of its Tencent shares, sources said.

A consortium led by Chinese state-owned investment firm CITIC is in talks with Tencent's major South African shareholder to buy all of its Tencent shares and take a controlling stake in Tencent, a strategic infrastructure that affects the country's livelihood, according to sources close to CITIC, as widely rumored on Chinese social media.

Prosus N.V., a subsidiary of South African internet group Naspers Ltd., Chinese tech giant Tencent Holdings Ltd's largest shareholder, still held 2,692.6 million Tencent shares, valued at $68.9 billion, according to its net asset value statement as of Oct. 28.

Naspers has been scaling down its stake in Tencent successively since it announced the reduction in late June 2022, which has been one of the key reasons for the decline in the Chinese tech giant's share price in recent months.

(UPDATE) Naspers issued a statement on Tuesday denying the news, saying it remained confident in Tencent's long-term prospects.

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