Tencent to distribute nearly all of its Meituan shares · TechNode
source link: https://technode.com/2022/11/17/tencent-to-distribute-nearly-all-of-its-meituan-shares-as-a-special-dividend/
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Tencent to distribute nearly all of its Meituan shares as a special dividend
Chinese tech giant Tencent announced on Wednesday that it will divest more than 90% of its stake in food delivery giant Meituan to shareholders as a special dividend. The shares represent a total market value of approximately HK$159.4 billion ($20.4 billion), with Tencent’s holding in Meituan dropping to 1.5% from the current 17% once the distribution is completed. Shares in the Hong Kong-listed Meituan slumped almost 6% on Thursday morning. Tencent handed out most of its stake in e-commerce giant JD last December, in a similar move. The Shenzhen-based firm has been reducing its holdings in a number of portfolio companies as it aims to appease Chinese regulators, Reuters reported on Wednesday, but still holds stakes in video platforms Kuaishou and Bilibili, e-commerce company Pinduoduo, ride-hailing firm Didi, and online discount retailer Vipshop. [Reuters]
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