Experienced investors in China’s tech sector have seen this before. Walmart’s surprise plan to sell its stake in JD.com pushed shares of the Chinese ecommerce giant down more than 10 per cent in Hong Kong on Wednesday morning.
That mirrors the decline in JD.com shares when internet group Tencent handed over most of its JD.com stake as a dividend to its shareholders three years ago. But Walmart’s withdrawal comes at a significantly more difficult time for China’s tech stocks.
Walmart — which after Tencent’s 2001 move was JD.com’s biggest shareholder — has cut its nearly 10 per cent holding in JD.com to zero. Walmart could raise about $3.6bn by selling its stake in the company.
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