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By Alexandra Wexler JOHANNESBURG Africa s largest-listed company, Naspers Ltd., is wrestling with an unusual problem: It made one unbelievably good investment that has now become a headache. Naspers bought a third of Tencent Holdings Ltd. in 2001, years before the operator of the WeChat messaging app became China s most-valuable publicly listed company. The stake itself is now worth over $100 billion more than the market value of Naspers, despite the company s other profitable businesses in areas like online classifieds, payments and retail. The difference has presented Naspers executives with the enigma of determining how to unlock value for shareholders without cashing out on one of the world s most successful tech companies. The problem has become more acute as the gap widened to new levels in the past year, when the coronavirus-induced rally in tech stocks pumped up valuations of Tencent and other tech companies.
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By Alexandra Wexler On stage in a marine park stadium, a director yells Action! and the cameras roll as a young woman in a turquoise wetsuit starts to dance and a sea lion leaps from a cobalt-blue tank and twirls in front of her. It is one of the final scenes being filmed for JIVA!, a Netflix Inc. original series about a talented dancer who realizes her moves could be her ticket out of a working-class neighborhood in coastal Durban, South Africa. It is one of a raft of new series the global streaming giant hopes will score millions of new subscribers across the world s youngest and fastest-growing continent.