Shares of WEIMOB INC, a Chinese cloud-based commerce services provider, plummeted 14.78% in the intraday trading session on Friday, significantly underperforming the broader market.
The steep sell-off in WEIMOB INC's stock appears to be primarily driven by the news that Tencent Holdings, a major shareholder, disposed of a significant stake in the company. According to regulatory filings, Tencent sold an aggregate of 184 million shares in WEIMOB INC on January 3rd and 6th.
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