Tencent is distributing $16bn of shares in ecommerce group JD.com to shareholders, in the tech group’s first big move to unlock the value of its vast investment portfolio as Beijing steps up regulatory scrutiny of the sector.
The Shenzhen-based tech conglomerate will start handing out the 460m ordinary shares of JD.com to shareholders in March, cutting its stake from about 17 per cent to 2.3 per cent. Tencent president Martin Lau also resigned from JD.com’s board on Thursday as part of the announcement.
Shenzhen-based Tencent is cutting its stake after Chinese authorities this year cracked down on the country’s tech firms, especially the largest groups such as Tencent and rival Alibaba, which are involved in multiple industries.
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