(Bloomberg) — An arm of South African internet giant Naspers Ltd. sold almost $4 billion worth of stock in JD.com Inc. that it got as dividends from investee Tencent, saying the e-commerce firm didn’t fit with its broader strategy.

Most Read from Bloomberg

  • Russia Defaults on Foreign Debt for First Time Since 1918

  • Hyundai Quietly Climbs the EV Sales Charts and Elon Musk Notices

  • Rep. Mary Miller Calls Roe Decision ‘Victory for White Life’

  • Russia Is Hours Away From Its First Foreign Default in a Century

  • Germany Pushes for G-7 Reversal on Fossil Fuels in Climate Blow

Naspers subsidiary Prosus NV sold more than 131.8 million shares in JD it got from Tencent Holdings Ltd., about a 4% stake in the online retailer, Prosus said in a statement. “JD.com does not form part of the group’s core strategic focus,” it said in a filing Monday.

Tencent, China’s largest social media company, said in December it planned to distribute its stock in JD.com as dividends to shareholders, a surprise retreat from the e-commerce firm after Beijing moved in 2021 to curtail the power of tech monopolies. The stock was worth about $16 billion at the time.

Prosus completed the sale June 24, netting aggregate proceeds of about $3.67 billion.

Read more: Tencent Hands Out $16 Billion of JD Stock in Crackdown-Led Shift

Most Read from Bloomberg Businessweek

  • Spotify’s Billion-Dollar Bet on Podcasting Has Yet to Pay Off

  • Why You Should Quit Your Job After 10 Years

  • Can Crypto’s Richest Man Stand the Cold?

  • A Sci-Fi Novel’s Eerily Accurate Predictions About Today’s Tech

  • Moving to Ban Juul, the FDA Delivers a Blow to Big Nicotine

©2022 Bloomberg L.P.

(305) 707 0888
FREE water test Quick estimate