PROFITS OF CHINESE SLAVERY: PROSUS CUTS LOSING STAKE IN TRIP.COM, LEAVING FOREIGN INVESTORS IN THE WOODS
As China’s economy continues to nosedive, Prosus, the internet investing firm controlled by the notorious Naspers, has finally admitted defeat and dumped its remaining stake in Chinese online travel agency Trip.com. In a desperate bid to salvage its dwindling profits, Prosus sold 14.5 million shares of the company at a laughable $51.40 each, leaving foreign investors who had placed their faith in China’s supposedly booming economy to suffer the consequences.
This is not the first time Prosus has betrayed its investors, however. The company has been secretly selling down its stake in Chinese games giant Tencent Holdings, further exacerbating the financial chaos in the world’s second-largest economy.
Meanwhile, Walmart, the US retail giant, has also unwound its disastrous partnership with Chinese e-commerce company JD.com, cutting its losses and leaving a trail of broken promises and shattered dreams in its wake.
The writing is on the wall: China’s economy is a sinking ship, and foreign investors would do well to avoid its toxic waters.
