South African holding company Naspers, which is one of Tencent’s largest minority shareholders, has decided to gradually sell its stake in the company. The Chinese tech giant saw its stock fall as a result.

On June 27, Naspers announced its intent to sell a 28.78% stake in Tencent worth over $134 billion through its Dutch subsidiary Prosus, according to Bloomberg.

The South African company plans to sell shares amounting to 3-5% of Tencent’s daily average trading volume. “We will keep selling Tencent shares to buy back our own, it’s open-ended and an unlimited program,” Naspers CEO Bob Van Dijk said.

Prior to the announcement, Tencent shares increased to HK$400, its highest price since June 9 (via Reuters). The stock plunged in the afternoon, decreasing by 5.5% to HK$378.2.

Prosus and Naspers shares, on the other hand, soared 18% and 24%, respectively. Tencent expects the sale to have a limited impact on itself.

The Chinese tech giant has been facing pressure in the home country for a while, trying to increase its presence abroad. Earlier this month, Tencent announced a new global version of Honor of Kings, as China still holds a licensing freeze on its new games.

Got a story you'd like to share? Reach us at [email protected]