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Tencent moves to sell up to $1.6B of its Kuaishou stake

Tencent is seeking up to $1.6bn by selling down its stake in short-video platform Kuaishou, Bloomberg reports. A term sheet seen by Reuters puts the block trade at up to $1.55bn. The deal covers about 273 million shares, a 7.5% stake, offered at HK$43.15 to HK$44.53 each.