JD.com stock drops as Walmart unloads stake for estimated $3.6bn

HONG KONG -- Shares of Chinese e-commerce player JD.com plunged in Hong Kong on Wednesday after U.S. group Walmart sold its entire stake in the online retailer for more than $3 billion.

Walmart had held a 9.4% stake in JD before as of the end of March, making it the second-largest shareholder after only the Chinese company's founder, Richard Liu. The American chain operator's decision to sell came amid growing concerns among U.S. investors about holdings in Chinese companies, as geopolitical tensions between the rival powers continue to intensify.