Investors punished Chinese shares again on Tuesday, inflicting further collateral damage on South Africa’s Naspers and its European-listed spinoff, Prosus.
China’s apparent willingness to aid Russia in its war against Ukraine punished Chinese shares again on Tuesday, inflicting further collateral damage on South Africa’s Naspers and its European-listed spinoff, Prosus.
Tencent sank 10.2% by the Tuesday close in Hong Kong trading, sending Naspers down a further 10% in Johannesburg at 11.24am, on top of a 13% route on Monday. Prosus was off by a similar percentage in Amsterdam, touching a fresh record low earlier in the session. Meanwhile, US-listed Chinese stocks also sank again on Tuesday, following a brutal rout in Asia, amid concerns that China’s ties with Russia may bring sanctions to Beijing, while persistent regulatory pressures also weighed.
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