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Tencent Holdings said that there is no target amount for the divestment and the group is not experiencing any external pressure from any investment portfolio, reported Securities Times.
The comment is in response to a Financial Times report saying that Tencent has set a soft target of divesting about 100 billion yuan of its $88 billion listed equity portfolio this year as it shifts strategy, citing unidentified people familiar with the matter.
Food-delivery giant Meituan is among the assets that are in the pipeline for divestment and a reduction in the stake could ease pressure from anti-monopoly regulators, according to the FT report.
Shares of Meituan are trading 0.67% higher as of 9:54 am local time on Friday, after sliding nearly 6% one day earlier. Tencent edged up 0.06%.
Beijing since late 2020 has worked to curb the influence of tech industry leaders from Tencent to Alibaba. Tencent last year began disclosing plans to sell shares in investees such as e-commerce giant JD.com and Southeast Asia’s Sea. That triggered speculation that it would consider paring stakes in other firms such as Meituan and Pinduoduo.
Last month, Tencent, which owns 17% of Meituan, was reported to sell the majority of its $24 billion stake in Meituan placate domestic regulators. Tencent executives said at the time that the report was not correct.
