Tencent unit raises $1.5 billion from Kuaishou share sale, term sheet shows (updated)

Kuaishou Technology

06/07/2026 13:38

In July 6 story, adds final pricing in headline, first paragraph and bullet points
By Yantoultra Ngui and Rajasik Mukherjee
SINGAPORE, July 6 (Reuters) - Tencent Mobility, a unit of Tencent Holdings 0700.HK, has raised about $1.5 billion by selling shares in Chinese short-video company Kuaishou Technology 1024.HK, according to a final term sheet seen by Reuters early on Tuesday.
Here are more details from the final term sheet:
The Tencent unit sold 272.9 million Kuaishou Class B shares at HK$43.25 each, valuing the sale at about $1.505 billion.
The final offer price represents a discount of about 6% to Kuaishou's last close of HK$46.00 on Monday.
The sale is fully secondary, meaning Kuaishou will not receive any money from the deal. Tencent Mobility will receive the proceeds.
Kuaishou Technology said in an exchange filing later in the day that Tencent had disposed of an aggregate 272.9 million shares of Kuaishou through an off-market block trade.
Following the disposal, Tencent's stake in Kuaishou will decrease to about 9.37% from 15.68%, and the former will cease to be a substantial shareholder of Kuaishou.
Kuaishou also said it had repurchased 174.84 million Class B shares worth HK$8.35 billion ($1.06 billion) under its HK$16 billion share repurchase programme.
The shares are expected to trade on Tuesday and settle on Thursday.
The seller's residual stake will be subject to a 90-day lock-up.
Kuaishou runs one of China's major short-video and livestreaming platforms, according to its website.
Tencent did not immediately respond to Reuters requests for comment sent outside regular business hours.
($1 = 7.8424 Hong Kong dollars)

(Reporting by Yantoultra Ngui and Rajasik Mukherjee; Editing by Anil D'Silva and Matthew Lewis)
((Yantoultra.Ngui@thomsonreuters.com;))