HONG KONG—Chinese social-media giant Tencent Holdings Ltd. is shedding most of its stake in JD.com Inc., saying that the e-commerce company has grown to the point where it no longer requires Tencent’s financial backing.
Tencent on Thursday said it would distribute about 457 million shares of JD.com, worth roughly $16.4 billion, in the form of a special dividend to Tencent shareholders. The distribution leaves Tencent with a 2.3% stake in JD.com from 17% before, when it was JD’s largest shareholder.
