Walmart Inc (NYSE:WMT, ETR:WMT) might have pulled the rug from the share price of JD.Com overnight, but the retail giant's investors seemed far happier with the decision to sell all its stake in the Hong Kong-listed e-commerce platform.
Shares in Walmart were up more than 1% today at US$75.36 following a near 10% drop for JD.Com overnight.
Walmart and JD.Com formed a strategic alliance in June 2016 with the US group taking a 5% stake that had grown to 9.4% by 2023.
In a statement, Walmart said the sale of its 9.4% holding would allow it to “focus on our strong China operations for Walmart China and Sam’s Club, and deploy capital towards other priorities".
“JD has been a valued partner to us over the past 8 years, and we are committed to a continued commercial relationship with them,” it added.