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China tech sell-off deepens as Tencent sale spooks traders
Tencent's move to cut its stake in Sea is aiding expectations that the firm and its rivals may pare holdings as Beijing punishes the country's tech giants for anti-competitive behaviour, including maintaining closed ecosystems that favour certain firms at the expense of others. Last month the company said it plans to distribute more than US$16 billion of JD.com's shares as a 1-time dividend.
