Tencent Holdings has cashed out nearly HK$700 million from selling its stake in Hong Kong-listed Koolearn Technology, as China’s biggest private tutoring group New Oriental Education & Technology shifted its focus to live-streaming shopping.Tencent sold 35.6 million shares on June 15 and 38.9 million shares on June 16 at an average price of HK$9.62 to HK$9.68 each, according to stock exchange filings. The total amount of disinvestment worth HK$719.7 million (US$92 million). After the selling, Tencent held 9 percent stakes in Koolearn, reducing from 1.6 per cent.Koolearn Technology, which is 55.7 per cent owned by New Oriental Education & Technology, shifted its business focus to live-streaming shopping after China last year struck the for-profit online education platforms.Koolearn stock jumped more than sixfold from June 10 to 16 after New Oriental’s live-streaming sessions went viral on Douyin earlier this month.Koolearn capitalized on the sudden rise to popularity of Dong