BRIEF: Walmart sells Dada Nexus stake, finalizing divorce with JD.com
Walmart Inc. (WMT.US) has sold its 9.3% stake in Chinese intracity delivery company Dada Nexus Ltd. (DADA) to Dada’s majority stakeholder JD.com (JD.US; 9618.HK), according to a U.S. stock exchange filing on Monday. The sale raises JD.com’s stake in Dada to 63.2%, the filing said.
Following the sale, Walmart China CEO Zhu Xiaojing will leave Dada’s board. Dada added it expects to continue its “mutually beneficial business collaboration with Walmart” after the stake sale.
The sale completes a recent divorce between Walmart and JD.com. Last month, Walmart sold its 9.4% stake in JD.com, which it acquired when the pair formed an alliance in 2016. Walmart said the divorce would allow it to focus on its own China operations, including its Sam’s Club warehouse-style stores that have become popular with budget-conscious local consumers.
By Doug Young
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