Meituan stock drops 7.44% after main shareholder is rumored to sell 5.12% of its holdings

2021-04-13 18:00:00

Sources said that Chinese delivery food company, Meituan (3690.HK) is deploying a share placement involving $10 billion.

The shares held by Goldman Sachs or on behalf of its clients increased from 132 million last week to 434 million this week, with shareholding changing from 2.24% to 7.36%.

It means that there may be an investor who will transfer more than 300 million shares or 5.12% of its nominal holdings to Goldman Sachs.

In addition to Meituan’s founder Wang Xing, there are current shareholders with more than 5% holdings, including Tencent and Sequoia Capital.

Meituan closed down 7.44% in Hong Kong on April 13 after news broke.

In response, the company said market speculation is not the truth.

Goldman Sachs share selling shareholder Meituan

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