- Tencent ( OTCPK:TCEHY ) said a report on Tuesday that its planning to sell its stake in Chinese food delivery company Meituan ( OTCPK:MPNGF ) isn't accurate.
- Tencent made the comments on its earnings call, according to Bloomberg.
- Meituan ( OTCPK:MPNGF ) fell 7.4% on Tuesday on a Reuters report that Tencent ( OTCPK:TCEHY ) planned to sell all or most of its 17% stake in Meituan , a stake that was valued at about $24 billion. Tencent hired financial advisers in recent months to look at ways to sell the stake in an effort to appease Chinese regulators, according to the Reuters report.
- Tencent doesn't plan to sell its stake in Meituan, 36Kr reported Tuesday, citing a source close to the Chinese tech giant.
- Meituan ( OTCPK:MPNGF ) has been a target for Chinese regulators and the food delivery company was fined $533M for allegedly violating anti-monopoly laws in October.
For further details see:
Tencent says report about selling Meituan stake is not accurate