Tencent plans to divest Meituan stake worth $24 billion

China’s Tencent Holdings Ltd plans to sell all or bulk of its $24 billion stake in food delivery firm Meituan to appease regulators in Beijing and monetize an eight-year-old investment, Reuters reported on Tuesday, citing four sources with knowledge of the matter.

Meituan plummeted more than 10% in Hong Kong, while video service Kuaishou Technology fell more than 4%, and Bilibili Inc dipped 2.5%. In New York, e-commerce firm Pinduoduo Inc (NASDAQ: PDD) slipped around 4%.

Tencent, the Chinese social media giant which owns 17% of Meituan, has engaged financial advisors in recent months on ways to execute the sale, the report said.

Based on Meituan’s market value as of Monday, Tencent’s 17% stake is worth $24.3 billion. Tencent is planning to liquidate its stake within this year if market conditions are favorable, sources told Reuters.