Meituan shares skid on report Tencent to sell most or all of its holdings
Shares of Hong Kong-listed food delivery service Meituan
3690,
fell as much as 10% after Reuters reported that shareholder Tencent Holdings
700,
TCEHY,
was planning to sell all or a bulk of its $24 billion stake. The report, citing four unnamed sources, said Tencent was selling to placate domestic regulators. China has been tightening regulation on the company’s technology sector in response to concerns over antitrust and privacy. Tencent shares slipped 1%.
