Tencent looking at selling stakes in Meituan, Didi others to fund buybacks, growth: report
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Chinese tech conglomerate Tencent (OTCPK:TCEHY) is looking at selling some of the stakes it owns in other Chinese internet companies to help pay for additional stock buybacks and refocus the company for growth, The Wall Street Journal reported.
The news outlet, citing people familiar with the matter, noted that Tencent (OTCPK:TCEHY) recently completed a regular review of its portfolio and identified some names it could potentially sell, including online real estate brokerage KE Holdings, as well as food delivery company Meituan (OTCPK:MPNGY) and ride-sharing giant Didi Global (OTCPK:DIDIY). 
It is unclear when Tencent (OTCPK:TCEHY) will sell the stakes, if it happens at all, the people added.
In August, Tencent (OTCPK:TCEHY) denied a report that it was looking to sell its stake in Meituan (OTCPK:MPNGY), then worth some $24B.
The Journal added that the divestitures may come not only to free up cash and help invest in other areas including video games and healthcare, but also to support buybacks, as Tencent's (OTCPK:TCEHY) largest shareholder, Prosus NV, cuts its stake in the company.
Tencent (OTCPK:TCEHY) has sold off stakes of other Chinese companies it has owned in the past, including JD.com (JD) in December 2021 and Singapore e-commerce company Sea Ltd. (SE) in January.
Though Tencent (OTCPK:TCEHY) may be looking to pare down its balance sheet via offloading stakes, it has also expanded its position in some companies, most recently doubling down on its position in French video game maker Ubisoft (OTCPK:UBSFY), known for its Assassin's Creed franchise, as well as Elden Ring maker FromSoftware.
Last month, Tencent (OTCPK:TCEHY) reported second-quarter results that were mixed compared to estimates and said it had nearly 1.3B combined monthly active users for its popular apps Weixin and WeChat.