Tencent transfers $16.4 billion worth of shares to shareholders

FILE PHOTO: The Tencent logo is seen at its booth at the 2020 China International Trade in Services Expo (CIFTIS) in Beijing
FILE PHOTO: The Tencent logo is seen in Beijing, China September 4, 2020. REUTERS / Tingshu Wang

December 23, 2021

(Dan Tri) – Social media and media giant Tencent will distribute a majority stake in worth HK$127.69 billion (US$16.37 billion) to shareholders, lost the title of top shareholder of this e-commerce company.

On Thursday, Tencent said it was the right time to transfer its shares as had reached a stage where it could finance its own growth. Owners of WeChat will see its share drop to 2.3% from around 17%., in a separate statement, said it will continue to work with Tencent, including on their strategic partnership agreement.

Qualified Tencent shareholders will be entitled to one share of for every 21 shares they hold, and Tencent will distribute 457.3 million shares in total.

Following the transfer, Walmart will become’s largest shareholder, according to Refinitiv ownership data.

(1 dollar = 7.7996 Hong Kong dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu) Tencent transfers $16.4 billion worth of shares to shareholders

Bobby Allyn

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