Signage at a JD.com warehouse in Shanghai, China, on March 9, 2022. The U.S. Securities and Exchange Commission on Wednesday added more than 80 companies to its list of entities facing possible delisting from U.S. exchanges, including China's JD.com, Pinduoduo, Bilibili and NetEase.
Qilai Shen | Bloomberg | Getty Images
Shares of the Chinese e-commerce giant JD.com Shares of Chinese companies fell 10% in Hong Kong on Wednesday after US retailer Walmart confirmed it would sell its stake in the Chinese company.
Walmart told CNBC that 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 allocate capital to other priorities.”
The company said: “JD has been a valued partner to us for the past 8 years and we are committed to maintaining a continued business relationship with them.”
The stock was the biggest loser on the Hong Kong market. Hang Seng Index. He US-listed stocks It fell 9.5% in after-hours trading.
Walmart entered into an agreement Strategic alliance with the Chinese company in June 2016At the time, the American retailer acquired a 5% stake in JD.com.
In his Annual Report 2023JD.com reported that Walmart owns 9.4% of the company's common stock as of March 31, with just over 289 million shares.
JD.com did not comment when contacted by CNBC.
— CNBC's Evelyn Cheng contributed to this report.