Chinese tech company Tencent Holdings said on Wednesday it would distribute its $20.3 billion stake in online food delivery firm Meituan as dividends.

It will transfer 958.12 million shares in Meituan, equal to 90.9 percent of the Class B ordinary shares it held in the company, Tencent said.

Meituan said in a separate statement Tencent President Martin Lau Chi Ping has resigned as a board member.