Tencent Denies WSJ Report It Plans to Sell Stakes in Some Companies to Fund Growth, Buybacks By Investing.com

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Tencent Denies WSJ Report It Plans to Sell Stakes in Some Companies to Fund Growth, Buybacks

Published Sep 20, 2022 09:22

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Tencent Denies WSJ Report It Plans to Sell Stakes in Some Companies to Fund Growth, Buybacks

TCEHY

-0.46%

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MPNGF

0.00%

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BEKE

-0.23%

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DIDIY

+0.47%

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By Senad Karaahmetovic

Tencent (OTC:TCEHY) has denied reporting from the Wall Street Journal that it is looking to raise funds by selling stakes in some of its holdings, including Ke Holdings (NYSE:BEKE), Meituan (OTC:MPNGF), DiDi Global (OTC:DIDIY). Tencent’s stake in these 3 businesses is worth nearly $30 billion.

While this morning’s report from the WSJ said the Chinese internet giant is "in no rush to execute the divestments," Tencent said it has no need to raise funds nor a timeline for such divestments.

The WSJ report comes after the Financial Times reported last month that Tencent has set a soft target of selling about 100 billion yuan ($14.5 billion) of its listed equity portfolio this year.

Fresh funding is needed to continue investing in high-growth areas, such as video games and healthcare. Moreover, the company is also looking to support its share buyback program to ease off the pressure on its shares.

Shares of companies mentioned in the WSJ report pared losses in premarket trading after Tencent denied rumors.

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Tencent Denies WSJ Report It Plans to Sell Stakes in Some Companies to Fund Growth, Buybacks

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