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Tencent Holdings Ltd has raised $3 billion by selling 14.5 million shares in Sea. Sea owns e-commerce firm Shopee, according to a term sheet seen by Reuters on Wednesday. Tencent said late on Tuesday it had entered into a deal to reduce its stake in the Singapore-based group to 18.7% from 21.3%. The sale comes after Tencent said last month it would divest $16.4 billion of its stakes in JD.com and Six9, weakening its ties to China's second-biggest e- commerce firm. SEA's shares fell 11.4% on Tuesday in New York to $197.8 following the divestment news. |