The full value of Tencent is not represented in the Naspers share price. Various sources suggest that only 50% of the value of Tencent is accounted for in the Naspers share price. This has been an ongoing problem for the brainiacs at Naspers. It was one of the reason given for the unbundling of Prosus.
I think the market is concerned that management will get itchy fingers and do something when nothing should be done.
For the second time management has sold of 2% of Tencent. The cash will definitely be put into investments that return less than Tencent. That is the definition of management doing something when they should do nothing.
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