Chinese internet giant Tencent is planning to give the majority of its $16.37 billion stake in JD.com to its shareholders as a dividend, reports Reuters. The move would mean that Tencent is no longer the e-commerce firm’s top shareholder. Eligible Tencent shareholders will be entitled to one share of JD.com for every 21 shares they hold and in total Tencent will distribute 457.3 million shares.

Tencent said on Thursday it was the right time to transfer its stake given that JD.com has reached a stage it can self-finance its own growth. The owner of WeChat will see its stake fall to 2.3% from around 17%.

Martin Lau, executive director and president of Tencent, will step down as a director of JD.com with effect from December 23. JD.com, in a separate announcement, said it would continue to work with Tencent, including on their strategic partnership agreement. After the transfer, Walmart will become JD.com’s largest shareholder, according to Refinitiv ownership data.

Owner of short-video social media app TikTok, ByteDance, has overtaken Ant Group to take its place at the top of the list of world’s most valuable unicorns, with startups from both China and the US dominating the rest of the Hurun Global Unicorn Index, reports the South China Morning Post. Of the 1,058 unicorns—start-ups valued at more than $1 billion—globally as of November this year, China had 301 start-ups, the most after the 487 in the US, according to this year’s index released by Shanghai-based Hurun Research Institute on Monday.

Beijing-based ByteDance, whose flagship app TikTok has 1 billion monthly active users globally and is viewed as a serious challenger to Facebook, saw its valuation surge nearly 30% to $350 billion, from $270 billion last year.

Ant Group, an affiliate of Alibaba Group Holding and operator of online payment platform Alipay, was valued at $150 billion. Analysts behind Ant’s $39.5 billion initial public offering that was withdrawn at the last minute in November last year had pegged its then near-term valuation between $350 billion and $450 billion.

The net profits of state-owned enterprises in China hit RMB 1.75 trillion ($274.52 billion) in the period from January to November, the state asset regulator said on Saturday, reports Reuters.

Total profits of the firms totaled RMB 2.3 trillion in the first 11 months of the year, with significant profitability improvement in the oil, steel and coal sectors, according to an official with the regulator, China Securities Journal reported.

Hao Peng, head of the state-owned Assets Supervision and Administration Commission of the State Council, also urged the companies to strictly control debt risks, and cut the scale of perpetual bonds in an orderly manner in the new year, according to the report.

Beijing has been increasingly taking minority stakes in private companies beyond those involved in online news and content, moving into firms that are dealing with large amounts of data, reports Reuters. According to two people familiar with the matter, Beijing has made a de facto special management stake or “golden share” arrangement with Full Truck Alliance, a Chinese platform arranging trucking services, according to one of the people.

Troubled Didi Global has also been in talks about a golden share for its core ride-hailing business, a third source with direct knowledge of the matter said. Seeking influence, Beijing began taking golden shares in private online media companies—usually about 1% of a firm—some five years ago. The stakes are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions.

Authorities are now also keen to have some control over vast troves of data owned by certain companies, the sources said, adding that the data is seen as a national asset at risk of attack and misuse, including by foreign states.

The value of Chinese biotech company BeiGene plummeted on its Shanghai debut on Wednesday after generating almost $3.5 billion in the city’s biggest IPO of the year, reports Reuters. The company, which has posted consecutive years of losses, dropped over 15% in early trading, after opening 8.1% lower than its offer price of RMB 192.6.

The offering, the biggest float of a healthcare company in China in at least two decades according to Refinitiv data, comes amid growing concerns some Chinese companies could be ordered to delist from the US stock market.

BeiGene’s Nasdaq-listed shares have tumbled nearly 20% so far this month, as US securities regulators finalized rules to kick non-compliant Chinese companies off American exchanges in three years—a risk BeiGene flagged in its Shanghai share sale prospectus.