- Tencent ( OTCPK:TCEHY ) is said to plan to sell all or most of its 17% stake in Chinese food delivery company Meituan ( OTCPK:MPNGF ) as it tries to appease Chinese regulators.
- Tencent has hired financial advisers in recent months to look at way to sell the 17% stake in Meituan ( OTCPK:MPNGF ) that's valued at about $24 billion, according to a Reuters report. Tencent ( OTCPK:TCEHY ) wants to kick off the sale this year if conditions are favorable.
- Meituan ( OTCPK:MPNGF ) has been a target for Chinese regulators and the food delivery company was fined $533M for allegedl y violating anti-monopoly laws in October.
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Tencent said to plan to sell majority of its $24 billion stake in Meituan