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The major US retailer and biggest shareholder of JD.com has sold its entire stake of the company's stock. The sale amounts to a total of $3.74 billion.
This stock sale has caused a 9.00% drop of JD.com stock in the Hong Kong stock exchange. Meanwhile, the US listed stock has dropped more than 7.00% in pre-market trading.
In general, Walmart has decided to abandon the idea of being exposed to the Chinese retail market via holding another firm's stock. Instead, Walmart is set out to concentrate on its Walmart China and Sam's Club operations in the country.
Wed, 21 Aug 2024 11:05:05 GMT
Source: Dukascopy Bank SA
The major US retailer and biggest shareholder of JD.com has sold its entire stake of the company's stock. The sale amounts to a total of $3.74 billion.
This stock sale has caused a 9.00% drop of JD.com stock in the Hong Kong stock exchange. Meanwhile, the US listed stock has dropped more than 7.00% in pre-market trading.
In general, Walmart has decided to abandon the idea of being exposed to the Chinese retail market via holding another firm's stock. Instead, Walmart is set out to concentrate on its Walmart China and Sam's Club operations in the country.