JD.com (JD) tumbles in Hong Kong on Tencent’s dividend plans.

?JD.com (JD) tumbles in Hong Kong on Tencent’s dividend plans.
JD.com (JD) tumbles in Hong Kong on Tencent’s dividend plans.
Chinese e-commerce platform JD.com tumbled in Hong Kong on Thursday after Tencent Holdings announced that it will distribute JD.com shares worth $16.4bn in the form of a special dividend to its shareholders.
Hong Kong-listed JD.com stock closed 7% lower at HKD259.60 on Thursday, its biggest intraday loss since late July.
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On Thursday, tech giant Tencent Holdings said it will distribute 457.3 million class A shares of JD.com, representing about 86.4% of JD.com shares held by the company, as a special dividend to shareholders.
Tencent reduces shareholding in JD.com to 2.3%

The number of shares being distributed by Tencent, represents 14.7% of JD.com’s equity holding, as at 21 December.
“Tencent’s shareholding in JD will be reduced to 2.3% subsequently.