JD.com leads losses in Hong Kong, falling 10% after Walmart confirms stake sale

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JD.com leads losses in Hong Kong, falling 10% after Walmart confirms stake *****

Signage at JD.com’s warehouse in Shanghai, China, on Mar. 9, 2022. The U.S. Securities and Exchange Commission on Wednesday added over 80 firms to its list of entities facing possible expulsion from ********* exchanges, which include China’s JD.com, Pinduoduo, Bilibili, and NetEase.

Qilai Shen | Bloomberg | Getty Images

Shares of ******** e-commerce giant JD.com plunged 10% on Wednesday in Hong Kong after U.S. retailer Walmart confirmed it will sell its stake in the ******** firm.

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Walmart told CNBC the decision to sell its stake will allow the company to “focus on our strong China operations for Walmart China and Sam’s Club, and deploy capital towards other priorities.”

The company said “JD has been a valued partner to us over the past 8 years, and we are committed to a continued commercial relationship with them.”

The stock was the largest ****** on Hong Kong’s Hang Seng index. The U.S.-listed shares fell 9.5% in after-hours trading.

Walmart entered into a

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, with the U.S. retailer taking a 5% stake in JD.com back then.

In its

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, JD.com reported that Walmart owns 9.4% of ordinary shares in the company as of March 31, holding just over 289 million shares.

JD.com did not have a comment when contacted by CNBC.

— CNBC’s Evelyn Cheng contributed to this report.

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#JD.com #leads #losses #Hong #Kong #falling #Walmart #confirms #stake #*****

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