Comment on JD.com plummets after Walmart sells its $3.6 billion stake in the Chinese retailer

JD.com plummets after Walmart sells its $3.6 billion stake in the Chinese retailer

AP/Ng Han GuanJD.com shares fell 8% on Wednesday after Walmart sold its stake in the Chinese e-commerce company.Walmart sold 144.5 million shares for $3.6 billion, ending an eight-year partnership.Walmart aims to focus on growing its China operations, including Walmart Supercenter and Sam's Club.Shares of Chinese e-commerce retailer JD.com plunged as much as 8% on Wednesday after Walmart disclosed that it sold its stake in the company.Walmart sold 144.5 million shares of JD.com for $24.95 per share, representing a total sale of about $3.6 billion, according to a filing made with the SEC and a report from Bloomberg.The share sale price occurred at an 11% discount from JD.com's closing price on Tuesday.

 

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