Tencent could shrink investment portfolio - report

Tuesday, 20. September 2022 13:08

Tencent Holdings Ltd. is considering selling its stake in a number of companies and redirecting the funds, the Wall Street Journal reported on Tuesday. The firm is looking into organizing share repurchase programs and "refocusing its growth strategy," according to people familiar with the matter.

The Chinese giant could divest stakes in Didi Global Inc., KE Holdings Inc. and Meituan, worth a combined $29 billion, according to the report. Sources noted that Tencent "is in no rush" and currently does not have a clear timeline or deadlines for executing these plans.

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Baha Breaking News (BBN) / DJ