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JD.com tanks after Tencent says it will give away most of its stake in e-commerce giant to shareholders
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cnbc.comIn this article
JD.com plummeted Thursday after Tencent announced it will be giving most of its shares in the Chinese e-commerce giant away to its shareholders.
Tencent said it will declare a one-time dividend in which it will distribute more than 457 million Class A ordinary shares of JD.com to shareholders, with a total value of approximately 127.7 billion Hong Kong dollars (about $16.37 billion).
Tencent has investments in several companies, including other large Chinese internet companies like Meituan and Pinduoduo. While those investments have helped fuel growth, Blue Lotus Capital Advisors' Shawn Yang said they could also raise concerns about Tencent's size and influence.
«I think that basically it's Tencent's choice, right, to
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