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

Prosus NV has started selling down its stake in Meituan, a holding valued at more than $4 billion, after the Chinese food-delivery app announced plans to start expanding in some of Prosus’ territories such as Brazil, people familiar with the matter said.

Prosus has sold about $250 million in Meituan shares in the last two weeks and may sell more, said the people, who asked not to be identified because the deal wasn’t public. The company will reinvest the proceeds to build out its other e-commerce brands, they said. Prosus holds 257.5 million shares in Meituan that were valued at $4.2 billion as of Tuesday, according to a disclosure on its website. That equates to a less-than 5% stake.