Walmart is to sell its Chinese ecommerce arm to JD.com in exchange for a minority stake in Alibaba’s smaller rival, as the world’s largest retailer by sales seeks to accelerate its online business in China’s fiercely competitive market.
The deal, announced on Monday, will see JD.com issue 145m new class A shares to Walmart, amounting to about a 5 per cent stake in the Chinese ecommerce company.
JD.com’s American Depositary Receipts surged 7 per cent to $21.54 in New York following the news, giving it a market capitalisation of about $29.3bn and valuing Walmart’s stake at about $1.45bn.
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