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JD.com tanks after Tencent says it will give away most of its stake in e-commerce giant to shareholders
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JD.com plummeted Thursday after Tencent announced it will be giving most of its shares in the Chinese e-commerce giant away to its shareholders.
Tencent said it will declare a one-time dividend in which it will distribute more than 457 million Class A ordinary shares of JD.com to shareholders, with a total value of approximately 127.7 billion Hong Kong dollars (about $16.37 billion).
Tencent has investments in several companies, including other large Chinese internet companies
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