Tencent weighs selling stake in Chinese delivery giant Meituan

Tencent holdings ltd. is looking to sell most or all of its stake in the food delivery giant Meituan people familiar with the matter said, as Beijing seeks to reduce the power and influence of the country’s internet giants.

Tencent has been in talks with investment banks to explore ways to divest at least a large portion of its roughly 17% stake in Meituan, one of the people said. That stake was worth about $24 billion at market close on Monday, before a Reuters report on Tencent’s plan sent Hong Kong-listed Meituan shares plummeting on Tuesday.


Wj

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