Walmart Unloads Its Stake in Dada Nexus to JD.Com.

JD.com confirmed in a regulatory filing that it acquired Walmart's $Walmart (WMT.US)$ entire stake in Dada Nexus Limited. The company picked up 87.5 million ordinary DADA shares and 1.875 million DADA ADSs through a subsidiary. The Chinese e-commerce giant will now hold 63.2% of Dada's shares.

Following the sale, Walmart China CEO Christina Zhu resigned from Dada's board. Looking ahead, JD.com anticipates ongoing collaboration with Walmart and views its increased investment in Dada as a vote of confidence in its long-term growth within JD.com's ecosystem.

Last month, Walmart disposed of its near 10% stake in JD.com. "This decision allows us to focus on our strong China operations for Walmart China and Sam’s Club, and deploy capital towards other priorities," a Walmart spokesperson stated at the time. "JD has been a valued partner to us over the past eight years, and we are committed to a continued commercial relationship with them."

Shares of JD.com were up 3.1% in morning trading on Tuesday, but have not recouped to where they stood when the Walmart announcement was made. Dada Nexus jumped 13.68% in the early session.