Tencent to distribute $20.3b worth of Meituan shares as dividend amid drop in Q3 sales

Tencent to distribute $20.3b worth of Meituan shares as dividend amid drop in Q3 sales

FILE PHOTO: A man walks outside the Tencent headquarters in Nanshan district of Shenzhen, Guangdong province, China September 2, 2022. REUTERS/David Kirton

Tencent Holdings said on Wednesday it would distribute its $20.3 billion stake in food delivery firm Meituan in dividend, as it reported a second straight quarterly sales drop, hit by economic slowdown and China’s regulatory crackdown.