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China tech

Tencent cuts stake in food delivery app Meituan as Q3 sales drop

Further issuance of new game licenses expected in near future

Tencent's sales have been slowing since last year amid China’s worsening economic growth outlook and regulatory uncertainties.    © Reuters

HONG KONG -- Tencent Holdings said on Wednesday it will slash its stake in food delivery platform Meituan amid Beijing's move to curb the market dominance of technology giants like Tencent and rival Alibaba Group Holding.

Tencent will distribute most of its 159.4 billion Hong Kong dollar ($20.3 billion) stake in Meituan to shareholders as a dividend, the company said in a filing with the Hong Kong Stock Exchange.

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