Prosus Starts Selling Down $4 Billion Stake in China’s Meituan

Prosus NV, a multinational consumer internet group, has begun selling a portion of its stake in the Chinese food-delivery platform Meituan. The stake, valued at over $4 billion, is being sold as Meituan announced plans to expand into some of Prosus' existing markets, such as Brazil. The move by Prosus is seen as a strategic decision to focus on its core businesses and reduce its exposure to a potential competitor in certain regions. Meituan, a leading player in China's food-delivery and local services market, has been looking to expand its global footprint, which has raised concerns for Prosus. The sale of the Meituan stake is expected to provide Prosus with additional capital that can be reinvested in other areas of its business or used for other strategic purposes. The company has not disclosed the exact size or timeline of the stake reduction, but the decision underscores the competitive landscape in the global food-delivery and local services market.