But the company's unusual balance, heavily weighted as a proxy investment in Tencent, has caused problems. "Part of it is they are a South African company with a relatively limited pool of investors," says Ken Rumph, analyst at Jefferies, "they faced a problem of their own success." Rumph notes that, taken without its Tencent deal, Naspers other investments, such as a 22pc in Germany food delivery firm Delivery Hero or 28pc of Russian internet firm Mail.ru, have all performed extremely well. Excluding its Tencent investment its other returns have made around 19pc.