Tencent is considering an increase in share sales to fund share buybacks and future growth

Tencent Holdings Ltd. plans to shed most of its huge investment portfolio as the Chinese social media and video game company tries to fund a series of share buybacks and refocus its growth strategy, people familiar with the matter said.

The tech giant, which owns stakes in some of China’s biggest internet companies, recently completed a regular review of its vast portfolio and set its priorities for possible share sales based on the returns those investments have brought, the people said. A potential divestiture could include online real estate brokerage services KE Holdings a food delivery company Meituan and the ride giant Didi Global – they added. Tencent is in no rush to sell, the people said, and it’s unclear when that will happen.

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