Reuters was first to report China’s Tencent Holdings plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan to placate domestic regulators and monetise an eight-year-old investment. The planned sale comes against the backdrop of China’s sweeping regulatory crackdown since late 2020 on technology heavyweights. Shares of Hong Kong-listed Meituan fell more than 10% after Reuters revealed the news. Tencent shares dropped more than 2% in Tuesday afternoon trade before recovering to be up 1%.
Business & Finance
16 August 2022, 7:56 pm. 1 minute
Market Impact
Shares of Hong Kong-listed Meituan fell more than 10% after Reuters revealed the news. Tencent shares dropped more than 2% in Tuesday afternoon trade before recovering to be up 1%.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
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