(Yicai Global) June 16 -- Pony Ma, founder and chief executive of Chinese web giant Tencent Holdings, sold around HKD4.3 billion (USD555 million) worth of the company’s shares last week after reducing his stake earlier this year, according to data from the Hong Kong Stock Exchange.

The executive sold 9.6 million shares between June 9 and June 12, reducing his stake in Tencent to 8.42 percent from 8.52 percent, figures from the HKEX showed yesterday. He sold nearly 1.8 million shares at an average HKD433.40 (USD55.92) apiece on June 9, 3.35 million at HKD443 on June 10, 2.53 million at HKD450.30 on June 11, and 2 million at HKD440.20 on June 12.

Ma also sold around 5 million shares worth HKD2 billion in January after Tencent’s share price had surged over the prior six weeks.

Shares in the firm have grown nearly 16 percent this year and hit a two-year high of HKD455.40 on June 11, but closed nearly 1.7 percent lower at HKD433.60 yesterday.

Its largest shareholder is still South African investment firm MIH TC, which holds a more than 31 percent stake.

Editor: James Boynton