Mainland Traders Lift Tencent, Meituan Stakes to 7-Month Highs

Food delivery couriers for Meituan stand with insulated bags during a morning briefing in Beijing. Photo: Bloomberg

(Bloomberg) — Investors in mainland China boosted their stakes in beaten-down Tencent Holdings Ltd. and Meituan to the highest level in more than seven months, drawn by attractive valuations and easing concerns over government crackdowns.

Chinese investors net purchased about 30 million Tencent shares so far this year via trading links between the mainland and Hong Kong, lifting their combined ownership to the highest level since June, according to calculations by Bloomberg of exchange data as of Monday. That’s near a record set earlier in 2021.