Chinese tech giant Tencent announced on Wednesday that it will divest more than 90% of its stake in food delivery giant Meituan to shareholders as a special dividend. The shares represent a total market value of approximately HK$159.4 billion ($20.4 billion), with Tencent’s holding in Meituan dropping to 1.5% from the current 17% once the distribution is completed. Shares in the Hong Kong-listed Meituan slumped almost 6% on Thursday morning. Tencent handed out most of its stake in e-commerce giant JD last December, in a similar move. The Shenzhen-based firm has been reducing its holdings in a number of portfolio companies as it aims to appease Chinese regulators, Reuters reported on Wednesday, but still holds stakes in video platforms Kuaishou and Bilibili, e-commerce company Pinduoduo, ride-hailing firm Didi, and online discount retailer Vipshop. [Reuters]