See More

Naspers shares plunge on Tencent news

Jun 22 2010 17:14

Company Data


Last traded 1357.00
Change 17
% Change 0.01
Cumulative volume 762660
Market cap 565.85bn

Last Updated: 19/09/2014 at 11:22. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Naspers sees 50% fall in earnings

Naspers: Tencent aims to dominate world

Tencent powers Naspers gains

Naspers extends BEE deal offer

Naspers chases Richemont

Naspers bucks media gloom

Johannesburg - Naspers [JSE:NPN] shares fell sharply on Tuesday following news over China's online gaming operator Tencent, of which the South African media giant owns just over one-third.

A trader, who requested to remain anonymous, said this came after China banned the use of the company's virtual currency, QQ, by minors. Tencent shares spiralled lower following the announcement.

On Tuesday, it slumped 4.69% on the Hong Kong Stock Exchange, where it is listed.

At 16:45 local time, Naspers shares fell 5.71% to R262.60 on the JSE.
Naspers, which owns Media24 and Multichoice among other businesses, holds about 35% of Tencent and the Chinese online group accounts for 76% of Naspers' total market capitalisation of about R110bn.
It is not clear whether the ban could slow Tencent's gaming business.
The trader said the ban had affected minors, who use the Tencent games a lot.

Tencent's QQ is convertible into real currency.

Q coins are obtained either by purchasing one coin for one renminbi or for using the mobile phone service. Due to the popularity of QQ among young Chinese, Q coins are now gradually being accepted by more and more online stores and gaming sites in exchange for "real" merchandise such as small gifts, and raise the concern of replacing real currency in these transactions, according to Wikipedia.

 - I-Net Bridge

Fin24.com is a Naspers publication
naspers  |  tencent


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:

Small Business

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.

Device lets disabled people talk through their nose

A device that converts nose breaths into speech will open new doors for people with Parkinson’s or motor neuron disease.


For chic geeks...

It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real
Check out the speed of this robo-cheetah!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...