Tencent Dismisses Reports Of Didi, Meituan Stake Sale

Tencent Dismisses Reports Of Didi, Meituan Stake Sale
  • Tencent Holding Ltd TCEHY denied reports of considering selling down investments in companies from Meituan MPNGY to KE Holdings Inc BEKE to finance share buybacks and new businesses.
  • Tencent acknowledged it has no need to raise funds nor a timeline for such divestments, Bloomberg reported.
  • Reports surfaced regarding Tencent completing a review of its worldwide portfolio and identifying companies like DiDi Global Inc DIDIY that it may divest.
  • Since 2021, Tencent disclosed plans to sell shares in investees like e-commerce giant JD.com, Inc JD and Sea Limited SE as Beijing cracked down on the tech giants for anti-competitive behavior.
  • Recently, Tencent shareholders added $7.6 billion in shares to Hong Kong's clearing and settlement system, spurring selloff speculation by its biggest shareholder.
  • Simultaneously, Tencent laid off nearly all of the editorial staff at Fanbyte, an online gaming publication, shortly after failing to win gaming license approval since the regulators lifted the suspension.
  • After posting its first revenue decline last quarter, Tencent laid off about 5% of its workforce, affecting 5,000 people.

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