China’s e-commerce player JD has acquired all of Walmart’s stake in Dada, according to Dada’s securities filing on Tuesday, bringing JD’s shares in the logistics company to 63.2%. As part of the move, Walmart China CEO Christina Zhu resigned from Dada’s board, a role she began in May 2020. Beijing-based JD became the majority shareholder in Dada when it injected $800 million into the on-demand delivery platform in 2021, three years after Dada received $500 million in funding from Walmart and JD. A month before the sale, US retail giant Walmart exited its entire stake in JD, ending their eight-year partnership at a time when the once-dominant Chinese e-commerce giant struggled to maintain its market share. [SEC filing]
0 Commentaires