Why Tencent (TCEHY) Shares Are Trading Higher Today - Tencent Holdings (OTC:TCEHY)

Tencent Holdings Ltd TCEHY Chief Strategy Officer James Mitchell denied reports claiming the sale of its $24 billion stake in food delivery giant Meituan MPNGY, Bloomberg reports.
Recent reports claimed Tencent explored the sale of its 17% stake to appease the regulators.
Since 2021 Tencent shared plans to sell shares in investees like JD.com, Inc JD as China's antitrust crackdown weighed on the sector.
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Tencent reiterated growing ease in the regulatory environment in China.
Still, Tencent clocked its first-ever quarterly revenue decline after a record decline in online advertising sales and its pursuit of paring loss-making activities as it focuses on profitability.
Recent reports claimed Alibaba Group Holding Limited BABA is looking to change its secondary listing status on the Main Board of the Hong Kong Stock Exchange to a primary listing to seek regulatory validation.
Price Action: TCEHY shares traded higher by 4.75% at $40.13 on the last check Wednesday.

Why Tencent Shares Are Trading Higher Today