Business Standard

China's Tencent Holdings may sell $24-billion stake in food delivery firm

Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake

Tencent
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Based on Meituan's market capitalisation as of Monday, Tencent's 17% stake is worth $24.3 billion.

Reuters Hong Kong
China's Tencent Holdings plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan to placate domestic regulators and monetise an eight-year-old investment, four sources with knowledge of the matter said.

Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, said three of the sources.

Technology giant Tencent, the owner of China's No. 1 messaging app WeChat, first invested in Meituan's rival Dianping in 2014, which then merged with Meituan a year later to form the

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