Briefly

Bad loan ratio declines in first 3 quarters

Relative to the level at the end of the second quarter, the nonperforming loan ratio of China's commercial banks fell marginally — 0.01 percentage point — to 1.66 percent by the end of the third quarter with strengthened risk resistance, data from the China Banking and Insurance Regulatory Commission showed. By the end of September, the banks' outstanding bad loans were at 3 trillion yuan ($426 billion).

Tencent to offload Meituan stake

Chinese tech company Tencent Holdings said on Wednesday it would sell its $20.3 billion stake in online food delivery company Meituan and distribute it as dividend to its own shareholders. It would sell off 958.12 million shares in Meituan, amounting to 90.9 percent of the Class B ordinary shares it holds in the company, Tencent said.

Xinhua - China Daily