Kuaishou Technology (HKG:1024) said Tencent (HKG:0700) sold 272.9 million Class B shares in the company through an off-market block trade, according to a Monday filing with the Hong Kong bourse.

Following the disposal, Tencent's stake in Kuaishou fell to about 9.4% from nearly 15.7%, thereby ceasing to be a substantial shareholder.

The shares were sold to independent third-party investors, Kuaishou said.

The company also said it does not expect the share sale to have any material adverse effect on its operations.