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On August 16, it was reported that Tencent may sell all Meituan shares. Zhang Jun, general manager of Tencent Group’s Marketing and Public Relations Department, denied this. As of press time, Meituan has not responded. However, affected by this rumor, the Hong Kong stock market of Meituan plummeted in the afternoon. As of the close, the share price fell 9.07% to HK$164 per share, with a market value of HK$1.02 trillion.
Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Business School, told Yicai.com that Tencent holds 17% of Meituan’s trillion-dollar market value, and a sell-off of this magnitude cannot be silent. carried out. On the other hand, Meituan currently receives some traffic support from Tencent. Without Tencent, its traffic sources will be compressed. However, given the market size of Meituan, the market position should not be loosened, but the negative impact objectively exists.
Judging from the performance of Meituan’s share price, Meituan’s share price has been affected by both policies and investor reductions in the past year. In the past year, Meituan’s share price has been at a high of about HK$300. At present, the share price has fallen by 45%.
On February 18 this year, the National Development and Reform Commission issued a notice on “Several Policies for Promoting the Recovery and Development of Difficult Industries in the Service Industry”, which will guide takeaway platforms to reduce merchant commissions. Meituan’s stock price fell by more than 14.8% that day.
On April 28, according to the official website of the State Administration for Market Regulation, the State Administration for Market Regulation issued the “Administrative Measures for the Establishment of Demonstration Zones for Online Market Supervision and Services (for Trial Implementation)” and its supporting evaluation index system to promote the sustainable and healthy development of the platform economy and digital economy. Affected by this, the stock price of Meituan rose by more than 14% in intraday trading on April 29.
In addition to policy-related issues, many shareholders of Meituan have reduced their stock holdings since the beginning of this year. According to the information disclosed by the Hong Kong Stock Exchange, Shen Nanpeng, the global executive partner of Sequoia, has reduced his holdings of Meituan shares 8 times in March, April and July this year. Shen Nanpeng’s first reduction this year was on March 31. At that time, about 25.58 million shares were reduced, and the shareholding ratio dropped to 4.21%. On April 27, Shen Nanpeng reduced his holdings of more than 42.46 million shares, which was the largest reduction among the eight reductions.
Shen Nanpeng’s several reductions had little impact on Meituan. After Shen Nanpeng’s continuous reduction at the end of April, Meituan’s stock price fell by 4.58% on May 4, and then gradually recovered.
Up to now, Shen Nanpeng has reduced his holdings of more than 100 million shares of Meituan this year, and Shen Nanpeng’s current shareholding ratio is 2.69%.
Pan Helin believes that after a short period of profit in previous years, Meituan has returned to losses due to various reasons, including the impact of the epidemic and rising labor costs. Shen Nanpeng’s reduction in Meituan’s holdings is based on macroeconomics, the global generosity of financing for technology stocks is declining, and on the other hand, Meituan has not yet achieved profitability.
In addition to Shen Nanpeng, Meituan co-founder Wang Huiwen also reduced his holdings of 740,000 Meituan shares in April this year.
Source: First Financial
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