1024.HK is trading 11.8% down at $40.56 today due to Tencent Holdings selling approximately 273 million Class B shares, reducing its stake in Kuaishou from 15.68% to 9.37%. - This divestment by a major shareholder created a significant supply overhang in the market. - The sharp decline follows a recent rally where the stock surged to $46.00 on July 6, driven by positive sentiment surrounding Kling AI's $2.8 billion funding round announced earlier in the week.