Why Europe's new tech giant Naspers is 100 times more brazen than Facebook

Naspers is listing about a quarter of the new firm, known as NewCo for now, and retaining the rest

Europe wanted a consumer technology giant to rival Silicon Valley. It’s getting one – along with California-style disregard for public investors.

When Naspers lists its technology investing unit in Amsterdam next month, the new company will have a market capitalisation that’s likely to top $100 billion, a valuation derived entirely from its 31 per cent stake in Tencent Holdings. The parent trades at a discount to the value of its holding in the Chinese web giant.

But Naspers will also bring with it a dual shareholding structure to match or even exceed the worst practices of tech behemoths such as Facebook or