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JD.com shares slump on report Walmart plans to sell $3.7 bln stake

Investing.com-- American-listed shares of JD.com Inc (NASDAQ:JD) tumbled in aftermarket trade on Tuesday after Bloomberg reported that supermarket chain Walmart plans to sell its stake in the Chinese e-commerce giant.

JD’s American Depository Receipts slid more than 9% to $25.50 in after-hours trading, hitting an over two-week low.

Walmart Inc (NYSE:WMT) is seeking to raise about $3.74 billion by selling its stake in JD.com, Bloomberg reported on Tuesday. The U.S. firm is offering 144.5 million shares at a range of $24.85 to $25.85 a share, the report said. 

The report largely undermined gains in JD shares from last week, where the stock rose sharply on stronger-than-expected earnings for the June quarter. 

But the company continues to face increased headwinds from sluggish demand in China, its biggest market. Weakening sales also sparked increased competition with e-commerce rivals Alibaba Group Holdings Ltd (NYSE:BABA) and PDD Holdings Inc (NASDAQ:PDD). 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.