JD.com Stock Falls As Tencent Reduces Stake

Supply chain-based technology and service provider JD.com, Inc. (JD) said Tencent Holdings Limited (TCTZF.PK,TCEHY.PK), that currently owns indirectly approximately 17.0% of the company's outstanding shares, will distribute approximately 460 million class A ordinary shares of JD.com owned by Tencent to its shareholders. Immediately following the distribution, Tencent's shareholding in JD.com will be approximately 2.3%.

The shareholders of Tencent who receive shares of JD.com in the distribution will become the shareholders of JD.com. The company also announced that Martin Chiping Lau has retired from the Board.

Shares of JD.com were down 8% in pre-market trade on Thursday.

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