Van Dijk sees investment in e-commerce businesses as helping to reduce a valuation gap with Naspers’s stake in Chinese Internet giant Tencent Holdings Ltd., which is worth more than the company as a whole. E-commerce units, which include online food delivery in India and educational software in the U.S., have the highest potential for an initial public offering, Het Financieele Dagblad cited the CEO as saying. He didn’t set a timeline.

Eoin Treacy's view

If Naspers decides to list its ecommerce ventures in Amsterdam the question of whether that will include its 30% stake in Tencent is going to have a major influence on the market since it almost certainly represent a powerful new high growth addition to the Euro STOXX 50.

Naspers pulled back from ZAR400,000 to ZAR300,000 between November and early February. That low corresponds with the region of the trend mean and a sustained move below it would be required to question medium-term uptrend consistency.

Tencent has been subject to two increased bouts of volatility over the last few months but continues to hold the broad progression of higher major reaction lows. A sustained move below HK$400 would be required to question the overall upward bias.