Tencent boss Lau Chi-ping cashes in one million shares
Current president of the Internet giant has earned about HK$642 million following two share reductions
Martin Lau Chi-ping, president and executive director of Internet giant Tencent, has unloaded one million shares of the company, cashing in at an average price of HK$434.36 (US$55.35) per share, The Paper reported.
This is the second time that Lau has reduced his stakes. Previously in September 2017, Lau sold 600,000 shares at a price of HK$346 per share. Combining the two reductions, Lau has earned about HK$642 million, while he currently holds 45.97 million shares of the company.
Lau joined Tencent as the Chief Strategic Investor in 2005, in charge of the company’s strategic planning, investment and M&A, as well as investor relations. He was promoted to president in 2006 and became an executive director in 2007.
Lau is also the second major shareholder to dump shares in a month. A week earlier, the company’s largest shareholder, MIH TC Holdings, decided to sell 190 million shares, accounting for 2% of total shares.