Aug 18, 2022 02:26 PM

Tencent Says Meituan Stake-Sale Report Is Inaccurate

Photo: Bloomberg
Photo: Bloomberg

(Bloomberg) — Food delivery giant Meituan rose in U.S. trading after Tencent Holdings Ltd. Chief Strategy Officer James Mitchell said a report that the company intends to sell all or much of its $24 billion stake in the company was incorrect. 

Reuters reported Tuesday that the social media giant has engaged financial advisers in recent months on ways to execute the sale of a roughly 17% stake, in order to appease state authorities that have been working to curb the influence of tech industry leaders. 

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