Tencent Says Meituan Stake-Sale Report Is Not Accurate
This article is for subscribers only.
Food delivery giant Meituan rose in US trading after Tencent Holdings Ltd. Chief Strategy Officer James Mitchell said a report that the company intends to sell all or much of its $24 billion stake in the company 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.