Chinese gaming and social media company Tencent Holdings Ltd. on Wednesday sold a stake worth $3.01 billion in Singapore-based gaming and e-commerce firm Sea Ltd.

Tencent sold 14.5 million shares at $208 each in a block trade, according to a term sheet reviewed by Reuters. It said on Tuesday the move would reduce its voting power in the U.S.-listed firm to under 10 percent.

Sea and Tencent did not immediately respond to a request for comment from Reuters.