Sources say Tencent plans to sell all its shares in Meituan, whose Hong Kong shares have fallen by more than 10%.

CTOnews.com8, March 16, according to Phoenix New Media Technology, people familiar with the matter have revealed that Tencent has been in contact with financial advisers in recent months and plans to sell all or most of its stake in takeout company Meituan. The news directly triggered a 10.116% drop in Meituan's Hong Kong stock market, followed by a roller coaster trend, which is now down 9.67%.

The source also said that if market conditions are favorable, Tencent is seeking to start selling within this year.

In response, Tencent responded to thepaper.cn: "do not comment on rumors."

CTOnews.com learned that according to public information, Tencent owns 17% of Meituan, which is worth $24.3 billion (165 billion yuan) based on Meituan's current market capitalization.

On July 13 last year, Meituan announced that all the prerequisites for Tencent subscriptions contained in the Tencent subscription agreement had been met.

Meituan plans to use the estimated net proceeds from the Tencent subscription for technological innovation, including research and development in cutting-edge technologies such as unmanned vehicles, drone distribution and general corporate uses.

At present, Meituan has also developed some drones or unmanned vehicle distribution, and has been tried out in some cities.