Internet investing firm Prosus NV has fully cut its stake in Chinese online travel agency company Trip.com in a US$743 million block trade, according to people familiar with the matter, becoming the latest international investor to exit a Chinese tech company.
Prosus sold 14.5 million shares in Trip.com at US$51.40 each in a block trade launched on Tuesday night in the US, terms of the deal showed. That deal marks Prosus’s final exit from the company after it had been gradually selling shares over the summer, the people said, asking not to be identified as the information isn’t public.
A representative for Prosus declined to comment while Trip.com didn’t immediately respond to a request seeking comment.
Prosus’ sale of its stake in Trip.com comes about a month after Walmart unwound its eight-year partnership with Chinese e-commerce company JD.com, selling its entire holding for US$3.6 billion.
Chinese and Hong Kong stocks rallied on Tuesday after a wide-ranging stimulus package from China to revive growth in the world’s second-largest economy. The country’s stock market has been beleaguered by deflationary pressures, an entrenched real estate crisis and international investors’ loss of confidence in Beijing.
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