According to Reuters , citing people familiar with the matter (paywall or privacy model), Tencent plans to sell all or most of its $24 billion stake in Meituan. The move is aimed at quelling regulators’ concerns. After the news broke, Meituan’s Hong Kong-listed share price plummeted 10%, and Tencent responded by saying it declined to comment on the rumors. Tencent owns a 17% stake in Meituan, which is worth about $24.3 billion at Monday’s share price. Regulators are unhappy with Tencent’s overreach into every aspect of national life, the report said. Tencent has been reducing its stake in other listed companies over the past year. According to Tencent’s quarterly report, the value of its stake in non-subsidiaries fell to $89 billion from $201 billion a year earlier.
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