SHANGHAI: Tencent Holdings Ltd plans to distribute more than US$16bil (RM67.33bil) of JD.com Inc shares as a one-time dividend, representing a near-retreat from the Chinese e-commerce firm that is stoking concerns it will pull away from other marquee investments.
The surprise move to divest most of its stake in China’s No. 2 online retailer comes as Beijing punishes the country’s tech giants for monopolistic behaviour, including maintaining closed ecosystems that favour certain companies at the expense of others.
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