Tencent is reportedly planning to sell its $24 billion stake in life services giant Meituan, Reuters reported on Wednesday. Three unnamed sources told Reuters that Tencent has been engaging with financial advisers in recent months to plan a large sale of its Meituan stake. Tencent owns 17% of Meituan and plans to start the sale within this year under favorable market conditions, the report stated. Another source said the sale is also aimed at appeasing Chinese regulators who are thought to view tech giants like Tencent as currently wielding too much market power. [Reuters]
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