Why Tencent Shares Are Trading Higher Today

Benzinga2022-08-17

Tencent Holdings Ltd (OTC:TCEHY) Chief Strategy Officer James Mitchell denied reports claiming the sale of its $24 billion stake in food delivery giant Meituan (OTC: MPNGY), Bloomberg reports.
Recent reports claimed Tencent explored the sale of its 17% stake to appease the regulators.
Since 2021 Tencent shared plans to sell shares in investees like JD.com, Inc (NASDAQ: JD) as China's antitrust crackdown weighed on the sector.
Also Read: Alibaba Sees Cloud Growth In Otherwise Slow Q1, Clocks $3.3B Free Cash Flow, CFO Talks Listing Plans
Tencent reiterated growing ease in the regulatory environment in China.
Still, Tencent clocked its first-ever quarterly revenue decline after a record decline in online advertising sales and its pursuit of paring loss-making activities as it focuses on profitability.
Recent reports claimed Alibaba Group Holding Limited (NYSE: BABA) is looking to change its secondary listing status on the Main Board of the Hong Kong Stock Exchange to a primary listing to seek regulatory validation.
Price Action: TCEHY shares traded higher by 4.75% at $40.13 on the last check Wednesday.

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