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.
