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

Tencent is selling about 273 million shares of Kuaishou, reducing its stake from 15.68% to 9.37% in a block trade worth up to $1.6 billion. This move follows Tencent's recent investment in Kuaishou's generative AI spinoff, Kling AI, signaling a shift from short-video to AI technologies.