Tencent to offload US$16 billion stake in No 2 e-commerce player JD.com as China’s antitrust pressure mounts

Tencent Holdings said it would distribute most of its shares in JD.com as a special dividend to investors, as China’s dominant social media network made a surprise move to pare back its stake in the country’s second-largest e-commerce platform in response to Beijing’s antitrust demands.

The market value of JD.com shares to be transferred is estimated at HK$127.7 billion (US$16.37 billion), according to a Tencent statement issued on Thursday. Shenzhen-based Tencent, previously the biggest shareholder in JD.com, will see its stake in the company fall to 2.3 per cent from 17 per cent after the transfer.