Futu Holdings (FUTU) closed almost 8% higher on Thursday after Tencent Holdings, its largest institutional stakeholder, received $206 million in gross proceeds for selling a portion of Futu stock on Thursday, Bloomberg reported Thursday, citing people familiar with the matter.
The digital securities broker's American depository shares fetched a 5.9% premium to its last closing price, according to terms seen by Bloomberg. Tencent, Chinese internet-applications company, owned more than 106.6 million of Futu's class A shares prior to Thursday stock sale, regulatory filings show.
Investors in selected Chinese companies have been selling a portion of their stakes in recent days, Bloomberg reported, taking advantage of rebounding share prices after the People's Bank of China cut a key interest rate earlier this week and Beijing is said to be considering additional moves to shore up Chinese economy.
Neither Futu nor Tencent responded to messages from MT Newswires seeking comments.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 81.38, Change: -0.09, Percent Change: -0.11
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