Walmart Sells JD.com Stake for $3.74 Billion to Refocus on China
Aug/22/2024
Walmart has divested a stake in Chinese e-commerce giant JD.com, netting $3.74 billion from the sale of shares priced at $25.85 each—below JD.com's recent NYSE close of $28.19. This move is part of Walmart's strategy to concentrate on its core operations in China, particularly its Walmart China and Sam's Club businesses. Despite the sale, Walmart plans to maintain a partnership with JD.com. The transaction follows Walmart's notable 17.7% rise in sales in China to $4.6 billion for the second quarter, buoyed by strong performance at Sam’s Club. Walmart’s global online sales also surged 21% during the same period. JD.com, in which Walmart previously held a 5.19% stake, was acquired in a 2016 exchange involving Walmart's I-chao-tien online grocery store.
