- Tencent Holding Ltd TCEHY denies reports of the sale of stakes in companies meituan MPNGY to KE Holdings Inc BEKE to fund share buybacks and new ventures.
- Tencent acknowledged that it does not need to raise funds or have a timeline for such divestitures, Bloomberg reported.
- Reports surfaced that Tencent had completed a review of its global portfolio and identified companies like this one DiDi Global Inc DIDY that it can be sold.
- Since 2021, Tencent has announced plans to sell stakes in venture capital companies like the e-commerce giant JD.com, Inc JD and sea limited SE when Beijing cracked down on the tech giants for anti-competitive behavior.
- Tencent shareholders recently added $7.6 billion worth of shares to Hong Kong’s clearing and settlement system. stimulate sell-off speculation from its largest shareholder.
- At the same time Tencent almost fired the entire editorial staff of Fanbyte, an online gambling publication, shortly after failing to receive gambling license approval as regulators lifted the suspension.
- After its first revenue dip last quarter, Tencent laid off about 5% of its workforce, affecting 5,000 people.
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