Kuaishou shares tumble as Tencent slashes stake after US$3b Kling AI deal

Shares of Kuaishou Technology plunged 12 per cent on Tuesday after Tencent Holdings slashed its stake in the short-video platform by selling 273 million Class B shares, just days after leading a US$3 billion financing round for Kuaishou’s artificial intelligence video unit, Kling AI. The divestment will reduce Tencent’s shareholding in Kuaishou to 9.37 per cent from 15.68 per cent, meaning the tech giant would cease to be a substantial shareholder, according to a Kuaishou filing to the Hong Kong...