Tencent's major shareholder Prosus and the CEO of South African Newspaper Group step down, and former SoftBank executives take over

News on the afternoon of September 18th, Beijing time. According to reports, Prosus, a well-known technology investment company listed in the Netherlands, is one of the major shareholders of Chinese Internet giant Tencent. On September 18th, Prosus and its parent company South African Press Group (South African Newspaper Group) Naspers announced that Bob van Dijk will step down as CEO of both companies.

The two companies announced that Turvin, currently the head of investment business, will temporarily serve as CEO of the two companies. Turvin joined Naspers and Prosus from SoftBank Group two years ago and was responsible for mergers and acquisitions at Goldman Sachs Group. The two companies did not announce the specific reasons for Van Dijk's resignation, but the timing of this personnel change coincided with Prosus and Prosus. The unwinding of the cross-shareholding structure of the South African Press Group coincides with the initial public offering of Prosus in 2019 during Van Dijk's tenure. Subsequently, during the global COVID-19 epidemic, many technology stocks, including Internet stocks, rose sharply, and Prosus's stock price also experienced a surge. However, Prosus' share price performance has since been mediocre, and Van Dijk faces a huge capital market challenge: the market value of Prosus and its parent company South African Newspaper Group is huge compared to the market value of its important asset, Chinese Internet giant Tencent. Gap

Currently, Prosus holds 26% of Tencent’s shares. Based on the current share price, the market value of these shares reaches US$387 billion

Going forward, an important task facing Prosus and the South African Newspaper Group is to resolve the "assets that exist compared to the market value of Tencent's equity assets" "Severe discount" problemAfter the end of the new crown epidemic, as the share prices of some Internet companies corrected, the share prices of Prosus and South African Newspaper Group also experienced a round of decline.

Recently, Prosus had to transfer some of its shares in Russia (which were once the company's most attractive assets) at a discount, and the outbreak of the Russia-Ukraine conflict has had an impact on the value of these assets.

Van Dijk has been the CEO of South African Newspaper Group since 2014 and has also assumed the leadership of Prosus since 2019. According to a statement from the two companies, Van Dijk will serve in an advisory role until September 30 next year after resigning as CEO. The companies said that going forward, the strategic objectives of the entire group will remain unchanged. Various plans formulated in the past still need to achieve actual results

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