Walmart's Move to Sell Stake in JD.com and Its Impact

TapTechNews August 21, it was previously reported that Walmart is seeking to raise up to 3.74 billion US dollars (TapTechNews note: currently about 26.697 billion RMB) by selling its stake in JD.com, triggering a 9% plunge in JD.com's US shares after hours.

Today, according to Reuters, Walmart responded to the news, saying: JD.com has always been an important partner, and we are committed to building a continuous business relationship with them; The divestment decision enables us to focus on Walmart China and Sam's Club's strong Chinese business, and allocate funds to other priorities.

Walmart obtained these shares when it sold its Chinese e-commerce business Yihaodian in 2016 in exchange for a 5% stake in JD.com. Affected by the divestment news, JD.com's US shares fell significantly by 9% in after-hours trading.