"Stock Market Briefing": JD.com's US stocks fell 7.5% pre-market, continuing its decline, as Walmart unexpectedly sold its stake in JD.com
JD.com's US stock fell by 7.5% in pre-market trading, while its Hong Kong stock plummeted by 12% at one point. Walmart is seeking to raise up to $3.74 billion by selling JD.com shares to focus on its business in China. Analysis points out that Walmart and JD.com are both partners and competitors, leading to short-term fluctuations in JD.com's stock price. JD.com's Hong Kong stock has fallen by nearly 9% year-to-date, while its US stock has dropped by 2.5%
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Chinese e-commerce leader JD.com (JD.O) saw its US stock price plummet by 7.5% in pre-market trading on Wednesday, continuing its slump in the Hong Kong stock market (9618.HK).
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According to a term sheet seen by Reuters, JD.com's major shareholder Walmart (WMT.N) is seeking to raise up to $3.74 billion by selling its stake in JD.com to focus on developing its business in China. Some investment banks believe that Walmart and its Sam's Club both cooperate with and compete against JD.com, leading to potential short-term fluctuations in JD.com's stock price.
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JD.com's Hong Kong stock price dropped by as much as 12% on Wednesday, hitting a low of HK$98.7. After JD.com issued a repurchase-related announcement at noon, the decline narrowed to 8.7% by the end of the day.
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JD.com's Hong Kong stock has fallen by nearly 9% year-to-date, while its US stock has declined by 2.5% over the same period. (End)
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(Reporting by Wang Zhenzhen; Editing by Tian Lanqin)
