Tencent Holdings Ltd. denied a report it was considering selling down investments in companies from Meituan to KE Holdings Inc. to bankroll share buybacks and new businesses.

The company has no need to raise funds nor a timeline for such divestments, a spokesperson said. Dow Jones had reported earlier on Tuesday that the WeChat operator recently completed a review of its worldwide portfolio, and identified companies such as Didi Global Inc. that it may sell down. Shares in real estate firm KE slid as much as 3.9% in pre-market trading in New York.

Tencent Chief Strategy Officer James Mitchell said last month that a Reuters report it intends to sell all or much of its stake in food delivery giant Meituan was incorrect.

But speculation that Tencent would unwind some of its vast portfolio has persisted. The company has long been expected to reduce some of its vast investments in companies around the globe over time, responding in part to political pressure.

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