Internet investing firm Prosus has fully cut its stake in Chinese online travel agency company Trip.com in a $743 million (R12.8 billion) block trade, according to people familiar with the matter, becoming the latest international investor to exit a Chinese tech company.
A representative for Prosus declined to comment while Trip.com didn’t immediately respond to a request seeking comment.
Prosus’ sale of its stake in Trip.com comes about a month after Walmart Inc. unwound its eight-year partnership with Chinese e-commerce company JD.com Inc., selling its entire holding for $3.6 billion.
Chinese and Hong Kong stocks rallied on Tuesday after a wide-ranging stimulus package from China to revive growth in the world’s second-largest economy. The country’s stock market has been beleaguered by deflationary pressures, an entrenched real estate crisis and international investors’ loss of confidence in Beijing.
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