HONG KONG: Chinese e-commerce firm JD.com said on Wednesday top shareholder Walmart had sold its entire stake after an eight-year investment, as the US retail giant focuses on its own operations in China.
A placement of the shares was fully subscribed, a person familiar with the matter told Reuters, and would be worth $3.74 billion at the top end of the offered range.
The US company entered the partnership in 2016, after selling its Chinese online grocery store Yihaodian in return for a 5% stake in JD.com worth about $1.5 billion based on the firm’s market value at the time.
Walmart owned a 5.19% stake in JD.com worth about $2 billion as of March 31, according to LSEG data. The company plans to double down on its Sam’s Club warehouse business in China after the stake sale.
Comments
Comments are closed for this article.