Tencent is giving away $16 billion of its stake in JD.com
CNN
Tencent is dramatically cutting its stake in JD.com, China's second largest e-commerce company, as it seeks to stay on the right side of Beijing, which has been cracking down on tech giants to rein in their growing power and influence.
Tencent (TCEHY) plans to distribute more than $16 billion worth of its stake in JD.com (JD) to its shareholders as a one-time dividend, the Chinese gaming and social media giant said Thursday in a stock exchange filing. The 457 million shares that Tencent plans to give out represent 86.4% of its stake at JD.com, or 14.7% of JD.com's total issued shares.
Currently, Tencent controls 17% of JD.com. After the distribution, its stake will drop to to 2.3%, which means it will no longer be JD.com's largest shareholder.
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