![]() The Russell 2000, an index that’s home to many small cap US stocks, is up about 13% so far in 2021. The S&P 500 and the Dow keep hitting record highs as blue-chip companies like Caterpillar, Chevron and GM soar.īut investors shouldn’t ignore smaller stocks, my CNN Business colleague Paul R. Investing small has been a winning strategy So far, the company isn’t providing many details in a statement, it said it plans to “use the proceeds of the sale to increase its financial flexibility to invest in growth, plus for general corporate purposes.” What’s next: The question now is what Prosus will do with all its cash. But it will lose its controlling shareholder status, which under Hong Kong listing rules is granted to investors who hold at least 30% of voting rights. It has gained about 80% since Prosus was listed on the Amsterdam stock exchange in 2019.Īfter completion of the deal, Prosus will remain Tencent’s single largest shareholder, with a 28.9% stake. Investor insight: Tencent’s stock dropped 1.5% on Thursday in Hong Kong after the news. Block trades are typically arranged directly between big institutional investors rather than on public stock exchanges. The deal is the biggest block trade ever, according to data provider Refinitiv. Tencent, which reported a strong financial year during the pandemic, is by far Nasper’s most successful investment, my CNN Business colleague Laura He reports. The latest: Prosus, a spin-off by South African media and internet investment firm Naspers, sold a 2% stake in Tencent, the Chinese tech giant said in a Hong Kong Stock Exchange filing on Thursday. Tencent’s biggest shareholder has sold $14.7 billion worth of shares in the Chinese social media and gaming giant, creating a massive war chest to invest in other ventures. Yet the pace needs to increase now that that the virus variant first identified in the United Kingdom - known to be more transmissible and believed to be more deadly - is the country’s most common strain. The United States is vaccinating people quickly, with just over 33% of the population, or more than 109 million people, having received at least one dose. “It’s almost a race between getting people vaccinated and this surge that seems to want to increase,” Fauci said. Anthony Fauci, the top US infectious disease expert, told CNN’s Anderson Cooper that the number of new Covid-19 cases has plateaued at a “disturbingly high level,” and that the country could face yet another spike in infections. He’s not the only one suggesting caution.
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