JD.com shares fall on report Walmart plans to sell stake for $3.7 billion Via Investing.com

Investing.com– Shares of U.S.-listed JD.com Inc (NASDAQ: ) fell in aftermarket trading 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 fell more than 9 percent to $25.50 in after-hours trading, hitting a more than two-week low.

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

The report largely undercut JD’s share gains from last week, where shares rose sharply on stronger-than-expected earnings for the June quarter.

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