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Tencent Denies Report It Will Sell Down Didi, Meituan Stakes

  • The company intends to fund share buybacks, Dow Jones reported
  • Tencent is expected to reduce its global investments over time
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Photographer: Qilai Shen/Bloomberg
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Tencent Holdings Ltd. denied a report it was considering selling down investments in companies from Meituan to KE Holdings Inc. to bankroll share buybacks and new businesses.

The company has no need to raise funds nor a timeline for such divestments, a spokesperson said. Dow Jones had reported earlier on Tuesday that the WeChat operator recently completed a review of its worldwide portfolio, and identified companies such as Didi Global Inc. that it may sell down. Shares in real estate firm KE slid as much as 3.9% in pre-market trading in New York.