Why Tencent Shares Are Trading Higher Today

Why Tencent Shares Are Trading Higher Today
  • Tencent Holdings Ltd TCEHY Chief Strategy Officer James Mitchell denied reports claiming the sale of its $24 billion stake in food delivery giant Meituan MPNGYBloomberg reports.
  • Recent reports claimed Tencent explored the sale of its 17% stake to appease the regulators.
  • Since 2021 Tencent shared plans to sell shares in investees like JD.com, Inc JD as China's antitrust crackdown weighed on the sector.
  • Also Read: Alibaba Sees Cloud Growth In Otherwise Slow Q1, Clocks $3.3B Free Cash Flow, CFO Talks Listing Plans
  • Tencent reiterated growing ease in the regulatory environment in China. 
  • Still, Tencent clocked its first-ever quarterly revenue decline after a record decline in online advertising sales and its pursuit of paring loss-making activities as it focuses on profitability. 
  • Recent reports claimed Alibaba Group Holding Limited BABA is looking to change its secondary listing status on the Main Board of the Hong Kong Stock Exchange to a primary listing to seek regulatory validation.
  • Price Action: TCEHY shares traded higher by 4.75% at $40.13 on the last check Wednesday.

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