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Tencent Says Meituan Stake-Sale Report Is Not Accurate

08/17/2022

Less than a minute

2022.08.17 17:34

Tencent Says Meituan Stake-Sale Report Is Not Accurate

(Bloomberg) — Tencent Holdings (OTC:TCEHY) Chief Strategy Officer James Mitchell said a report that the company intends to sell all or much of its $24 billion stake in food delivery giant Meituan (HK:3690) 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.

The report “is not accurate,” Mitchell told analysts on a post-earnings conference call.

©2022 Bloomberg L.P.

08/17/2022

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