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By Julie Zhu and Kane Wu<\/strong>
HONG KONG: China's Tencent<\/a> Holdings plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan<\/a> to placate domestic regulators and monetise an eight-year-old investment, four sources with knowledge of the matter said.
Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, said three of the sources.
Technology giant Tencent, the owner of China's No. 1 messaging app WeChat, first invested in Meituan's rival Dianping in 2014, which then merged with Meituan a year later to form the current company.
Based on Meituan's market capitalisation as of Monday, Tencent's 17% stake is worth $24.3 billion.
Tencent is seeking to kick off the sale within this year if market conditions are favourable, said two of the sources.
The planned sale comes against the backdrop of a sweeping regulatory crackdown in China since late 2020 on technology heavyweights that took aim at their empire building via stake acquisitions and domestic concentration of market power.
The regulatory crackdown came after years of a laissez-faire approach that drove growth and dealmaking at breakneck speed.
Tencent has been reducing holdings partly to appease the Chinese regulators<\/a> and partly to book hefty profits on those bets, said three of the sources. The value of its shareholdings in listed companies excluding its subsidiaries dropped to just $89 billion as of end-March from $201 billion in the same period last year, according to its quarterly reports.
\"The regulators are apparently not happy that tech giants like Tencent have invested in and even become a big backer of various tech firms that run businesses closely related to people's livelihoods in the country,\" said one of the sources.
Shares of Hong Kong-listed Meituan fell more than 10% following the Reuters report while Tencent dropped more than 2% in Tuesday afternoon trade.
Tencent declined to comment. Meituan did not respond to a request for comment.
All the sources declined to be named due to confidentiality constraints.
Tencent announced in December the divestment of around 86% of its stake in JD.com Inc, worth $16.4 billion, weakening its ties to China's second-biggest e-commerce firm.
One month later, it raised $3 billion by selling a 2.6% stake in Singapore-based gaming and e-commerce company SEA Ltd<\/a>, which was seen as a move to monetise its investment while adjusting business strategy.
Tencent has not pinned the sale of JD.com and SEA stakes on the regulatory crackdown.
The potential sale of the Meituan holding will likely be executed via a block trade in the public market which typically takes a day or two from marketing to completion, according to two of the sources.
It would be a fast and smooth way for Tencent to offload the shares, they added, compared to negotiating with a private buyer.
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由朱朱莉和凯恩
香港:中国腾讯控股计划出售全部或大部分食品外卖公司240亿美元的股份Meituan为了安抚国内监管机构和货币化一个八岁的投资,四个知情人士说。
腾讯拥有业内的17%,近几个月一直从事财务顾问工作如何执行一个潜在的大出售其股份,王兴则说的三个来源。
技术巨头腾讯,中国1号的主人消息传递应用微信,于2014年首次投资于业内的竞争对手点评网,然后与业内合并一年后形成当前的公司。
基于Meituan市值截至周一,腾讯17%的股权价值243亿美元。
腾讯正寻求在今年开始销售如果有利的市场条件,两位消息人士说。
计划销售的背景是在中国全面监管镇压自2020年底以来技术巨头,瞄准他们的帝国的建立通过股权收购和国内的市场力量。
监管镇压来经过多年的一种自由放任的方法,把以惊人的速度增长,交易。
腾讯一直减持部分安抚中国监管机构获取高额利润,部分预定这些赌注,说三个来源。其持股上市公司的价值不包括其子公司截至3月底,下降到只有890亿美元从去年同期的2010亿美元,根据其季度报告。
“监管机构显然不满意这样的科技巨头腾讯投资,甚至成为一个大靠山的各种科技公司经营与民生密切相关,"其中一位消息人士说。
在香港上市的股票下跌超过10%王兴则路透社的报道后,腾讯在周二下午贸易下跌超过2%。
腾讯拒绝置评。Meituan没有回应记者的置评请求。
所有消息人士不愿具名由于保密的限制。
腾讯宣布12月撤资的JD.com公司大约86%的股份,价值164亿美元,削弱中国第二大电子商务公司的关系。
一个月后,它通过出售2.6%的股份筹集了30亿美元新加坡游戏和电子商务公司海有限公司,这被视为投资转向货币化同时调整商业策略。
腾讯没有固定的销售JD.com和海股份在监管镇压。
Meituan控股的潜在销售可能会执行在公共市场,通过大宗交易通常需要一到两天从营销到完成,据两位的来源。
这将是一个快速和平滑为腾讯卖掉股票,他们补充说,相比与私人买家进行协商。
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