Tech titan'S stock unfazed by Prosus move

Staff reporter and agencies

Tencent (0700) edged up despite signs that its largest shareholder Prosus may extend the selling of 96 million shares of the Chinese tech firm.

Shares of Tencent closed 0.7 percent higher at HK$380, although Prosus said it deposited 96 million shares of Tencent into the clearing system in Hong Kong to support its own share buyback plan. Prosus has been paring stakes in Tencent since mid-2022.

Meanwhile, Indonesia's anti-trust agency said it is investigating the local units of e-commerce platforms including Alibaba's (9988) Lazada for suspected violations of anti-competition rules.

The agency found early evidence of violations by Lazada, which it said is facing a maximum fine of 50 percent of its net profits or 10 percent of its sales earned during the time of the alleged breaches. However, the agency did not elaborate on what the alleged breaches of anti-competition rules were.

This came as shares of Alibaba's healthcare unit Alibaba Health Information Technology (0241) jumped 10.1 percent following its better-than-expected earnings. The firm said its net profit for the fiscal year ended March increased 65 percent to 883 million yuan (HK$951 million).

However, JD Health (6618) is reportedly shutting down its family doctor division as it has not found a way to make profits, mainland media reported.

Separately, Morgan Stanley said emerging market equity funds recorded US$1.5 billion (HK$11.7 billion) of capital inflows for the week ended May 22, of which US$260 million flowed into the Chinese domestic stock market.

Although European and US funds continued to sell Chinese stocks, the investment bank said it was at a significantly slower pace.

Hong Kong, however, was one of the developed markets that posted the largest capital outflows in equity funds.