Walmart dumps all of its JD.com shares

Walmart has ended its eight-year investment in Chinese e-commerce giant JD.com by selling its entire stake.

The U.S. retailer confirmed the news in its securities filing on Tuesday but did not disclose details such as the number of shares it sold or the amount it raised from the sale. A person reportedly familiar with the matter told Reuters on Wednesday that the sale could be worth approximately $3.74 billion. “This decision allows us to focus on our strong China operations for Walmart China and Sam’s Club, and deploy capital towards other priorities,” Walmart, which owned a 9.4% share at the end of March, said in a statement.