Meituan shares skid on report Tencent to sell most or all of its holdings

Shares of Hong Kong-listed food delivery service Meituan /zigman2/quotes/205161725/delayed HK:3690 +0.73% fell as much as 10% after Reuters reported that shareholder Tencent Holdings /zigman2/quotes/204605823/delayed HK:700 -0.24% /zigman2/quotes/207908563/composite TCEHY -1.69% 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%.

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Meituan

HK : Hong Kong

$ 124.40

+0.90 +0.73%

Volume: 20.64M

June 8, 2023 4:08p

P/E Ratio

286.97

Dividend Yield

N/A

Market Cap

$762.48 billion

Rev. per Employee

$2.88M

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Tencent Holdings Ltd.

HK : Hong Kong

$ 334.80

-0.80 -0.24%

Volume: 13.13M

June 8, 2023 4:08p

P/E Ratio

15.18

Dividend Yield

0.72%

Market Cap

$3148.09 billion

Rev. per Employee

$6.00M

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Tencent Holdings Ltd. ADR

US : U.S.: OTC

$ 42.44

-0.73 -1.69%

Volume: 3.47M

June 7, 2023 4:00p

P/E Ratio

15.07

Dividend Yield

0.63%

Market Cap

$401.41 billion

Rev. per Employee

$765,438