Walmart has cut its stake in Chinese ecommerce giant JD.com to zero, as the world’s largest retailer focuses on expanding its own brands in the country.
The US retailer disclosed in a filing to the US Securities and Exchange Commission that it had entirely disposed of its nearly 10 per cent holding in the ecommerce company.
Walmart reported owning 289mn shares of JD.com as of December 31, which would have been worth $4bn at the end of trading in New York on Tuesday.
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