Christmas has arrived early for Tencent shareholders. The Chinese social media giant will pay a $16.4bn dividend in the stock of China’s second-biggest ecommerce group JD.com, of which it is the largest shareholder.
The Chinese government is forcing Chinese tech groups to retract the financial tentacles that tie them together to the detriment of consumers — and state power.
The HK$127bn (US$16.4bn) transfer cuts down Tencent’s stake in JD from 17 per cent to 2 per cent, leaving Walmart as JD’s largest investor.
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