Tencent, which owns 17% of Meituan, is planning to placate domestic regulators and cash in on its eight-year-old investment, Reuters reported.
Tencent invested in a company called Dianping in 2014 which then merged with Meituan a year later to form the current entity.
Investments made by China's technology companies have come under scrutiny as part of Beijing's sweeping crackdown on the country's giants. Chinese authorities have looked to rein in the power of technology giants through tighter regulation in areas ranging from antitrust to data protection. Reuters reported that part of Tencent's reasoning behind the divestment of the Meituan stake is satisfying regulators worried about tech giants backing companies closely related to peoples' livelihoods.In December, Tencent said it wouldthrough the sale of some of its shares in Singapore-based gaming and e-commerce firm Sea.
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