Walmart’s $3.6 Billion JD.com Sale Fuels China Tech Slump

(Bloomberg) — Walmart Inc. raised about $3.6 billion by selling its stake in Chinese e-commerce firm JD.com Inc., winding down an eight-year partnership that appears to be paying diminishing returns.

The U.S. retailer sold 144.5 million shares for $24.95 each, people familiar with the matter said. That is a discount of 11% to Tuesday’s close in the U.S., according to Bloomberg calculations, and near the lower end of an indicative $24.85 to $25.85 price range.