|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's range||34.73 - 36.20|
|52-week range||26.75 - 64.78|
|Beta (5Y monthly)||0.71|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Chinese tech group Tencent on Wednesday said it would “distribute” the majority of its $22bn stake in Meituan, a food delivery company, in dividend, as it works to reduce its holdings in the country’s technology sector. Tencent’s revenue fell for a second quarter, underscoring the toll of Beijing’s bruising regulatory crackdown on the country’s internet sector and the impact of slowing economic growth in the world’s second-largest economy. Tencent’s net profit increased 2 per cent to Rmb32.3bn.
Semafor Editor-at-Large Steve Clemons joins Yahoo Finance Live to weigh in on Chinese markets and what Xi Jinping's third term in office means for U.S.-China relations.
China's Tencent Holdings plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan 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. The planned sale comes against the backdrop of China's sweeping regulatory crackdown since late 2020 on technology heavyweights that took aim at their empire building via stake acquisitions and domestic concentration of market power.