Naspers, Tencent's largest shareholder, holds Tencent shares through Prosus NV. According to the latest data disclosed on Prosus NV's official website, Prosus NV held a total of (00700) 2.6926 billion shares in Tencent Holdings as of October 27. This figure is in line with the number of shares in Tencent Prosus NV disclosed by the Hong Kong Stock Exchange on Sept. 8. This means that major shareholders have stopped reducing their holdings of Tencent shares for more than a month from September 8 to October 27.

Since the beginning of this year, Prosus NV has been reducing its holdings of Tencent. According to Prosus NV data, Prosus NV's stake in Tencent fell from 2.769 billion shares at the end of March to 2.693 billion shares on Sept. 8. In three months, Prosus NV reduced its holdings by 76.73 million shares, accounting for 1.8% of Tencent's total shares and 27.99% of Tencent's total equity.

In fact, affected by many factors such as their own operating conditions, Prosus NV and its controlling shareholder Naspers began a long-term and open repurchase plan for their respective equity shares to their public shareholders on June 27th, and will raise the necessary funds for the buyback plan through the sale of Naspers Group's Tencent shares on the floor in an orderly manner. Naspers expects that the number of Tencent shares sold each day will account for a small portion of the latter's daily average trading volume.

According to the company's latest share repurchase data on October 25, the company accumulated repurchases from June 28 to October 21: 64.86 million Prosus NV shares, corresponding to a total amount of $4 billion, were repurchased during the working day from June 28 to October 21, and 4.15 million Nasper shares, corresponding to a total amount of $620 million, were repurchased from June 28 to August 12, and then stopped. As a result, the cumulative repurchase amount reached 4.63 billion US dollars. On the whole, the repurchase volume of Prosus NV itself shows a downward trend.

The sharp reduction of major shareholders in the short term has become an important reason for the continued decline in Tencent's share price. Data show that Tencent shares fell 49.19% on March 1, Oct. 27, with a total market capitalization reduced by 2.08 trillion yuan.

Also to stabilize its share price, Tencent bought back a total of 60m shares between June 28th and October 14th, totaling HK $18 billion. The daily repurchase volume from June to July is of the order of magnitude of 800000 to 900000, corresponding to HK $300m. Since August 19, Tencent has increased its stock buyback volume, increasing the daily repurchase volume to 1.1 million to 1.3 million and the daily repurchase amount to HK $350 million. By mid-October, Tencent's daily buyback amount reached 2.4 million, with a repurchase amount of HK $600m.