JD.com Completes Purchase of Dada Group Shares from Walmart Subsidiary
TapTechNews September 17th news, JD.com filed with the SEC and announced that it has completed the purchase of 87.48128 million common shares and 1.875 million American Depositary Shares held by Walmart's subsidiary in Dada Group, increasing its stake to 63.2%.
Last month, there was news that Walmart was seeking to raise up to $3.74 billion (TapTechNews note: currently about 26.533 billion RMB) by selling its stake in JD.com, triggering a 9% plunge in JD.com's US shares after hours.
JD.com Group released an announcement on August 21st: As of August 20, 2024 Eastern US time, Walmart no longer holds equity in the company. Public information shows that Walmart obtained these shares when it sold its Chinese e-commerce business No. 1 Store in 2016 in exchange for a 5% stake in JD.com.
Related readings:
JD.com Responds to Walmart's Sale of $3.74 Billion in Equity: Full of Confidence in Future Cooperation between the Two Sides, Today's Repurchase of $390 Million in Shares
Walmart Responds to Reducing Its $3.74 Billion JD.com Stake: Focusing on Walmart and Sam's China Business, JD.com Has Always Been an Important Partner
Dada-JD Daojia Raises Another $500 Million, with Walmart and JD.com Increasing Their Holdings