Chinese investors have steadily reduced their exposure to Tencent Holdings Ltd. over the past two months as the tech giant struggles to maintain market enthusiasm.

The percentage of Tencent shares owned by mainland traders slid to just under 11% on Monday, according to data compiled by Kaiyuan Securities Co. Investors have been offloading shares via the Southbound trading link with Hong Kong for almost every session since ownership hit a peak of around 12% in late April, the data show.

Investors largely boosted holdings from mid-January — taking advantage of a stock selloff following Tencent’s addition to a US blacklist — through April, but now seem to find few new reason to buy. First-quarter earnings underscored the firm’s struggle to find a profitable AI subscription model in the near term. Tencent shares rose about 16% from an April low, trailing the Hang Seng Tech Index. Its advance pales in comparison to rising stock market stars such as Pop Mart International Group — up more than 90% over the period — and healthcare stocks.