As the Chinese government pushes down on the nation’s Big Tech businesses, Tencent Holdings intends to sell most, if not the entire, of its share in the food delivery platform Meituan.
That’s what the Wall Street Journal reported on Tuesday (Aug. 16), citing sources with knowledge of the situation.
According to one of the individuals, Tencent conducted meetings with investment banks to discuss ways to sell at least a significant portion of its around 17% interest in Meituan. The stake, according to the article, was worth $24 billion until Meituan’s shares fell and word of Tencent’s intentions spread.
The announcement follows rumors that Tencent was getting ready to shut down its year-old non-fungible token (NFT) platform, reportedly in response to a government prohibition on secondary digital collectible marketplaces.
Tencent and many other Chinese internet firms pledged to end the secondary trade of NFTs in a document they signed in June.
One of the most valuable internet businesses in China, Meituan, has an app that enables users to order food and groceries, book tables at restaurants, and plan travel.
