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A block trade will be Blackstone's fourth stake sale in Embassy, following sales in 2020, 2021 and 2022.

Nikko Securities and six former executives have been indicted on market manipulation charges for its purchase of 10 individual stocks on the market, allegedly to push up their prices and ensure block trade deals in them did not fall through.

The block trade will be Blackstone's third stake sale in Embassy, following two such sales in 2020 and 2021, where the private equity group has sold shares worth more than $500 million collectively.

The pricing of the block deals is likely to be finalised early next week, before the block trade is executed, the sources added.

The potential sale of the Meituan holding will likely be executed via a block trade in the public market which typically takes a day or two from marketing to completion, according to two of the sources.