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Home Markets Stock Market

JD.com experiences largest decline in Hong Kong, dropping 10% following Walmart’s stake sale confirmation

Lim Hui Jie by Lim Hui Jie
August 20, 2024
in Stock Market
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JD.com experiences largest decline in Hong Kong, dropping 10% following Walmart’s stake sale confirmation
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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 American exchanges, which include China’s JD.com, Pinduoduo, Bilibili, and NetEase.

Qilai Shen | Bloomberg | Getty Images

Shares of Chinese 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 Chinese firm.

Stock Chart IconStock chart icon

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 loser on Hong Kong’s Hang Seng index. The U.S.-listed shares fell 9.5% in after-hours trading.

Walmart entered into a strategic alliance with the Chinese company in June 2016, with the U.S. retailer taking a 5% stake in JD.com back then.

In its 2023 annual report, 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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Conclusion

As Walmart moves to sell its stake in JD.com, the Chinese e-commerce giant faces a significant drop in its stock value. The decision marks the end of an 8-year partnership between the two companies, with Walmart shifting focus to its operations in China and Sam’s Club. The market reaction was swift, with JD.com’s shares plummeting and becoming the top loser on the Hang Seng index. It will be interesting to see how JD.com navigates this change in ownership and capitalizes on new opportunities in the evolving e-commerce landscape.



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Tags: ConfirmationDeclinedroppingExperiencesHongJD.comKongLargestsalestakeWalmarts
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