Prosus, the Dutch-listed technology investment arm of South African media group Naspers, has reduced its stake in Chinese food delivery giant Meituan (369) by about 39.1 million shares over the past four months, filings showed.
As of October 28, Prosus held arounnd 218.4 million shares of Meituan, down from a previous larger stake.
Prosus is also a major shareholder in Tencent (0700).
The company had earlier disclosed selling about US$249 million (HK$1.94 billion) worth of Meituan shares in July, followed by a further disposal of US$300 million in October.
Prosus management stated during an earnings call that it plans to sell stocks with lower growth and strategic potential compared to Tencent, using the proceeds for share buybacks.
They expressed confidence that Tencent will emerge as a winner in the artificial intelligence race.
