JD.comAfter Thursday’s events, the stock market plunged after TencentAnnounced that most of its Chinese ecommerce shares will be given to its shareholders.

Tencent announced that it would declare a dividend, in which it will give out more than 457,000,000 Class A shares of JD.com to shareholders. The total value is approximately 127.7 Billion Hong Kong Dollars (or $16.37B).

Tencent invests in many companies including large Chinese internet companies such as MeituanAnd Pinduoduo. These investments are a great way to fuel growth. Shawn Yang of Blue Lotus Capital Advisors said that they can also cause concern about Tencent’s influence and size.

“I think that basically it’s Tencent’s choice, right, to gradually reduce those shares and try to show to the public that you know … ‘we’re not that big as you think,'” Yang said. That might reduce some concerns about its size and impact.

Beijing has been tightening its grip on China’s domestic tech sector over the past months. They cite concerns about potential monopolies as well as data security. Companies like AlibabaMeituan.

Yang suggested that Tencent may have made the move to distract attention from JD’s core business, rather than Tencent. Yang explained that JD’s E-Commerce business is “very resilient” compared to other competitors. PinduoduoAlibaba.

Tencent stated in its Thursday filing that part of its strategy included investing early in companies to support their development, and then exiting when they are “consistently able to self-finance future initiatives.” Tencent stated that JD.com is now at that point and it was the right time to share its shares among shareholders.

JD.com stated in separate releases that Tencent’s share would drop from 17% to around 2.3%, following the merger. They also confirmed that their strategic partnership agreement will be kept.

JD.com shares closed in Hong Kong 7.02% less. Tencent shares rose by 4.24% to buck the trend in Chinese tech stocks. Hang Seng Tech lost 0.83% at 5,638.31.