Internet investor Prosus completely divests Trip.com stake in $743 million block trade

Internet investment firm Prosus NV has completely reduced its stake in the Chinese online travel agency Expedition in a $743 million block trade, people familiar with the matter said, becoming the latest international investor to pull out of the Chinese technology company.

Prosus sold 14.5 million Trip.com shares at $51.40 apiece in a block trade that began Tuesday evening in the U.S., according to the terms of the agreement. The deal marks Prosus’ final exit from the company after a gradual sell-off of shares over the summer, the people said, asking not to be identified because the information is not public.

A Prosus representative declined to comment, and Trip.com did not immediately respond to a request for comment.

The sale of shares in Trip.com by Prosus comes about a month after Walmart ended an eight-year partnership with a Chinese e-commerce company JD.comselling his entire assets for $3.6 billion.

Chinese and Hong Kong stocks rose Tuesday after a sweeping stimulus package from China aimed at reviving growth in the world’s second-largest economy. The country’s stock market has been battered by deflationary pressures, a deep-seated housing crisis and a loss of confidence in Beijing among international investors.