Naspers and Prosus Shares Slide More Than 30%

Tencent's share price weakness and AI spending concerns have driven a steep fall in value for the two linked JSE-listed groups this year.

Updated on Nov. 14, 2026 in Investing

Naspers and Prosus Shares Slide More Than 30%

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Shares of Naspers and Prosus have fallen more than 30% in 2026, wiping out more than R800bn in combined market value. The two companies are effectively the same investment, with Chinese technology group Tencent as their primary asset.

Why it matters

Because Naspers and Prosus hold a large stake in Tencent, the decline shows how exposure to a single foreign technology investment can drag down a major South African-listed group. Investors are weighing concerns over Tencent's heavy AI spending and the risks AI poses to its business model.

Naspers and Prosus have each fallen by about a third this year, with Tencent's share price down roughly 35% in 2026. The figures are year-to-date market data, and the source does not indicate how the shares will trade in the coming months.

The players

Prosus

Prosus is a global consumer internet group, the investment arm listed on the JSE, whose largest asset is its stake in Tencent.

Naspers

Naspers is a South African media and technology group listed on the JSE, closely linked to Prosus and holding a major stake in Tencent.

Fabricio Bloisi

Fabricio Bloisi is the chief executive of Prosus, appointed in 2024, who has overseen roughly $6bn in acquisition spending since then.

The details

Naspers and Prosus are effectively the same company, and Tencent is their primary asset. Investors have grown sceptical of Tencent's aggressive AI capital expenditure and looming US semiconductor restrictions, which have contributed to a broader selloff in the stock.

2024: Fabricio Bloisi was appointed chief executive and the board set a $100m moonshot award target.
2026: Naspers and Prosus shares fell more than 30% year to date.
July 2029: The moonshot award will be granted if the target is met.

Market Dynamics

The fall comes after Naspers's 2001 investment of $32m in Tencent grew to a stake worth more than $100bn, leaving the South African groups heavily dependent on one Chinese technology asset. Their share prices now reflect investor doubts over Tencent's AI spending as the wider selloff continues.

Investors holding Naspers or Prosus shares, or funds with exposure to them, have seen a sharp fall in value this year. Because the two stocks mirror a single Tencent holding, portfolio concentration in these shares carries amplified risk.

The takeaway

Holding a company whose value rests on a single large stake can magnify losses when that asset falls. Investors should check how concentrated their exposure is to any one holding before adding to a position.