Chinese tech giant Tencent has sold 14.5 million shares in Singapore gaming e-commerce firm Sea for $3 billion. Local media outlet Caijing reports that the proceeds raised will be used for “some new initiatives and charity”. The stocks were sold at $208 each when transacted on Tuesday. Tencent’s share in the owner of Southeast Asian e-commerce firm Shopee dropped from 21.3% to 18.7% after the deal. Tencent plans to cut its voting stake in Sea to less than 10%, Reuters reported. The sale comes shortly after Tencent divested $16.4 billion worth of JD stakes in December. [Caijing, in Chinese]