Walmart Discloses Nearly 11% in Recent IPO Dada Group
It turns out that Walmart (NYSE: WMT) is a big player in China's logistics sector. The big U.S. retailer has disclosed in a regulatory filing that it now holds nearly 95 million shares of Dada Nexus Limited (NASDAQ: DADA), a very recent arrival to the stock exchange. That holding equates to a 10.7% stake in the company and is worth over $2 billion.
Walmart and Dada have a history that predates this revelation. Walmart started to invest in Dada Nexus in 2016, and was a key investor by the time its initial public offering (IPO) rolled around earlier this month. The two companies are partners in China, where Dada Nexus provides delivery services for Walmart goods. In Dada Nexus' most recently reported quarter, almost 15% of total net revenue came from this partnership.
Image source: Walmart.
Source Fool.com
