On December 23, Tencent announced that it would distribute about 460 million JD shares to shareholders in the form of medium-term dividend. After the dividend, Tencent's shareholding in JD will be reduced from 17% to 2.3%, and it will no longer be the largest shareholder. Tencent president Liu Chiping will also step down as a director of JD. Almost eight years ago, Tencent first invested in Jingdong and merged its original e-commerce business into Jingdong. Tencent acts as a strong background in the field of e-commerce. After this operation eight years later, the capital relationship between Tencent and JD is no longer close. However, Tencent stakeholders told the Beijing Business Daily that Tencent is still Jingdong's strategic partner. At present, the company has no plan to further reduce its holdings in Jingdong. Some people think that it is the general trend of antitrust supervision to use JD's equity to pay dividends to shareholders, and Tencent's reduction of JD won't be an isolated case; Some people think that this is just an example: Tencent's investment logic is to support the founding team with a minority stake, and the invested company is now mature, so let go. Tencent "gives way" to JD's largest shareholder On December 23, Tencent announced in the Hong Kong stock exchange that it would declare an interim dividend by distributing JD shares in kind and distribute about 460 million JD shares to shareholders. JD also issued an announcement in the morning to confirm. After the dividend distribution, Tencent's shareholding in JD will be reduced from 17% to 2.3%, no longer the largest shareholder, and Tencent president Liu Chiping will also step down as a director of JD. According to the announcement, the special interim dividend of 457326671 JD class a ordinary shares indirectly held by Tencent through Huang River will be distributed in kind on the basis of 1 JD class a ordinary share for every 21 Tencent shares held by qualified shareholders. This means that Tencent shareholders who obtain Jingdong shares in this distribution will become Jingdong shareholders. Public information shows that in March 2014, Tencent invested in JD for the first time, and Tencent's original e-commerce business was incorporated into JD; Subsequently, Tencent participated in Jingdong IPO subscription, and the two sides carried out multi-level cooperation. Since Tencent first invested in JD in 2014, JD has successfully transformed from PC to mobile Internet, and Gmv (total turnover) has increased more than 10 times. Tencent stakeholders told the Beijing Business Daily that after the distribution, Tencent remains JD's strategic partner, remains confident in JD's prospects, and its win-win business relationship with JD will not be affected. At present, the company has no plan to further reduce its holdings of JD. In this regard, Wang Chao, founder of Wenyuan think tank, told the Beijing business daily, "this is a special dividend. First, it is to boost the stock price. Second, I'm afraid it also takes into account the anti-monopoly. This situation also exists in American stocks. Buffett's Apple shares have also been distributed to shareholders. It is a better governance model, which reflects the respect for shareholders and achieves the effect of reducing shareholding companies". Will it "exit" more holding companies Tencent is not only the largest shareholder of JD, but also the largest shareholder of meituan and the second largest shareholder of pinduoduo in the e-commerce industry. And relax to the entire technology industry, Tencent investment and even holding a broader territory. This inevitably makes people wonder whether Tencent will operate meituan and pinduoduo in the same way. As of press time, Tencent stakeholders have not responded to this. Wang Chao said bluntly, "it's possible. I'm afraid this is Tencent's way to deal with antitrust. This strategic investment of Tencent is worth trillions of yuan, but it's reflected in that the share price is undervalued and it's better to divide it directly. This is another major change after Tencent's major structural key (commonly known as Tencent's' 930 change ') on September 30, 2018". However, some insiders believe that the cooperation between Tencent and JD is a typical case of Tencent supporting the founding team and creating positive value through minority equity investment. Now that JD has matured, it is an appropriate time to directly share Tencent's investment achievements in JD with Tencent's shareholders in an appropriate way. According to Tencent's investment logic, in the future, it will continue to connect excellent management teams and companies in the form of minority equity investment and continue to explore new tracks. Tencent also said that "growth enterprises in the investment development period" has always been the main strategic direction of Tencent's investment. When the invested enterprise has the ability of continuous self financing, it chooses to withdraw from the investment under appropriate circumstances. Tencent's "long-term investment" strategy has never changed. However, looking at both inside and outside, Tencent has its own strategic considerations and is the necessity of the external environment. This is not actually the first time. In July this year, according to regulatory requirements, the battle of fish and tiger teeth merger led by Tencent announced its termination, returning the game live competition to a virtuous circle. Another industry veteran pointed out that over the past decade, the Internet platforms represented by Tencent and Ali have launched a vigorous enclosure movement, or wholly-owned acquisition or holding marriage, which is at least an investment team, the separation of Internet Jianghu giants, business and strategic needs, and mixed with the disorderly expansion of capital. The source said that under the anti-monopoly trend, the "wall demolition" of large platform products such as wechat and Taobao has begun, and the combination and separation of capital level is also inevitable. In the end, the transformation ideas of giant enterprises should play a role, and make great efforts in multi-dimensional balanced and healthy development such as self-development competition, innovation of small and medium-sized enterprises and user experience. (Xinhua News Agency)