如果你想看看Prosus，它持有腾讯20%多的股份，它的交易有折价，但在投资方面是另一个故事。
If you want to check Prosus out, which owns a 20-something percent stake in Tencent, it's trading at a discount, but is a different story when it comes to investing.
让我们从Prosus开始。它基于腾讯。该股跟随腾讯。所以，在过去5年里，它做了腾讯所做的事情，但情况不同。市盈率是8，如果从另一个回购角度来看，甚至可能更低。
Let's start with Prosus. It's based on Tencent. The stock follows Tencent. So, in the last 5 years, it did what Tencent did, but the situation is different. The P/E ratio is eight, even lower perhaps if you look at from another buyback perspective.
他们在腾讯一文不值时买入了股份，所以Naspers分拆了Prosus以释放更多价值，因为该头寸对南非市场来说过于拥挤。
They bought a stake in Tencent when it was nothing, so Naspers spun off Prosus to unlock more value because the position was getting too crowded for the South African market.