券商中国·2025-09-14 09:16Core Viewpoint - Tencent has reduced its stake in ZhongAn Online to below 5%, indicating a strategic shift in its investment approach towards the company [3][5]. Group 1: Tencent's Shareholding Changes - On August 13, Tencent sold 1.1652 million shares of ZhongAn Online, cashing out approximately 20.88 million HKD, reducing its stake to 4.99% of the H-shares and 4.84% of the total share capital [1][5]. - Prior to this, Tencent had already reduced its holdings multiple times throughout the year, including a sale of 1.4788 million shares on June 27 for about 29.13 million HKD and 4.1592 million shares on July 31 for approximately 87.66 million HKD [4][7]. - Overall, Tencent has sold over 30 million shares of ZhongAn Online this year, estimating a total cash-out of around 600 million HKD [7]. Group 2: ZhongAn Online's Performance - ZhongAn Online's insurance business has shown growth this year, with its stock price rising over 50% since the beginning of the year, peaking at over 21 HKD per share in May [2]. - As of September 12, the stock price closed at 18.02 HKD per share [2]. Group 3: Shareholder Structure and Fundraising - Following the share reductions by original shareholders, ZhongAn Online completed a new round of fundraising by issuing 215 million new H-shares, raising approximately 3.896 billion HKD [10]. - The shareholding structure has changed, with Hong Kong Central Clearing Limited now holding 61.72% of the shares, while other major shareholders include China Ping An (8.9%), Shenzhen Gadesin Investment (7.93%), Ant Group (6.43%), Tencent (4.84%), and Shenzhen Xunxin Network (4.81%) [11]. - In the first half of 2025, ZhongAn Online reported insurance service revenue of 15.041 billion CNY, a slight decrease of 0.3%, while net profit attributable to shareholders surged by 1103.5% to 668 million CNY [11].