By Alimat Aliyeva
Walmart Inc. has sold all its shares in Chinese online retailer JD.com. Azernews reports.
At the end of March this year, the US company owned around 9.4 percent of JD.com shares.
Documents released by the US Securities and Exchange Commission (SEC) on Tuesday show that Walmart no longer owns shares in the Chinese company.
According to Bloomberg, Walmart sold 144.5 million ADRs from JD.com at a price of $24.95 per share, 11 percent less than the value of the securities at the close of trading on Tuesday. The US company thus received around $3.6 billion for its stake.
JD.com announced that it had bought back its own shares for $390 million.
Walmart first acquired shares in JD.com in 2016, while simultaneously selling its e-commerce platform Yihaodian to a Chinese company. Walmart later invested further in JD.com, nearly doubling its stake in it.
“The decision to sell shares will enable us to focus on the Walmart China and Sam’s Club businesses and provide capital for other priorities,” the US company said in a statement.
JD.com shares lost 10.1 percent of their value in trading in Hong Kong on Wednesday. They have thus fallen by 10 percent since the beginning of the year.
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