Tencent to divest Meituan stake as dividends

Delivery men for food delivery platforms Meituan and Ele.me are seen in Beijing. [Photo/VCG]

Chinese tech company Tencent Holdings said on Wednesday it would distribute its $20.3 billion stake in online food delivery firm Meituan as dividends.

It will transfer 958.12 million shares in Meituan, equal to 90.9 percent of the Class B ordinary shares it held in the company, Tencent said.

Meituan said in a separate statement Tencent President Martin Lau Chi Ping has resigned as a board member.

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