HONG KONG -- Tencent Holdings will slash its stake in online retailer JD.com by distributing most of its holding to shareholders as a dividend.
The surprise move -- marking the first-ever half-year dividend by Tencent -- pushed its shares up as much as 5.8% in early trading on Thursday while JD.com shares tumbled as much as 11.2%. The two stocks ended the day up 4.2% and down 7%, respectively.
