JD Group announced on the Hong Kong Stock Exchange that it will spend approximately $390 million to repurchase its stocks on August 21, 2024, and has fully utilized the repurchase limit of the $3 billion stock repurchase plan approved in March 2024.
On August 21st, influenced by negative news, Hong Kong stock JD.com opened lower and closed lower. As of noon, the stock fell more than 10% to HKD 100.7. Previously, the stock fell nearly 12% at one point, marking the largest intraday decline since October last year and ranking first among Hang Seng Technology component stocks in terms of decline.
On the news, Wal Mart said in the document submitted to the Securities and Exchange Commission that it would reduce its holdings of JD stock, and Wal Mart Department Store planned to sell JD stock at a price of $24.85 to $25.85 per share. According to the source, Wal Mart is seeking to sell 144.5 million shares of JD stock, and Wal Mart can raise 3.74 billion dollars at the highest asking price.
According to foreign media reports, Wal Mart said that the decision to sell shares would enable the company to focus on the strong business of Wal Mart China and Sam's Club in China, and deploy funds to other priorities.
Wal Mart also said: "In the past eight years, JD has been our important partner, and we will be committed to maintaining business relations."
In terms of performance, JD Group recently disclosed its second quarter results, with a revenue of 291.4 billion yuan, compared to 287.93 billion yuan in the same period last year. Benefiting from the continuous optimization of supply chain efficiency, as of the second quarter, JD Logistics' non GAAP operating profit has achieved profitability for five consecutive quarters, and the non GAAP operating profit margin in the second quarter reached a new high since JD Logistics went public. Based on the improvement of user experience and continuous optimization of supply chain efficiency, JD Group's net profit attributable to common shareholders of listed companies under non US GAAP reached 14.5 billion yuan in the second quarter, a year-on-year increase of 69.0%, with a net profit margin of 5.0%.