Walmart doubles stake in JD.com

Walmart Stores is pushing more aggressively onto Alibaba Group'S turf. The Bentonville, Arkansas-based retailer boosted its stake in China's second-largest e-commerce website JD.com, strengthening an alliance to win more market share in the world's largest online market. Walmart lifted its holding to 10.8 per cent from 5.9 per cent, according to an amended 13-G filing on Thursday. JD rose 7.5 per cent in extended trading in the US.

Walmart is tapping JD.com's online resources after it struggled to adapt to a slowing local economy and more shoppers turn to online platforms including those owned by Alibaba. Wal-Mart Chief Executive Officer Doug McMillon has said that the company needs to succeed in China, where it estimates that 25 per cent of global retail growth will come from in the next five years.
 
On Tuesday, JD.com's shares gained the most intraday since February 16, jumping as much as 12 per cent. Its shares have dropped 13 per cent this year.

"The stepped-up investment in JD has been part of our plan, as we continue to be a passive investor," Jo Warner, a spokeswoman for Wal-Mart, said in an e-mail.

Following Amazon.com Inc.'s model, a significant share of JD.com business is generated from selling products it holds in its own inventory. Its logistics network has also helped win more users through speedy shipping. The company is competing with Alibaba in sectors of fast consumer goods and electronics and home appliances, as both seek growth in smaller cities and rural areas.

Korea Housing Finance's new 2021s were tightened about 7bp after being priced at 85bp over US Treasuries on Wednesday.

Cinda Asset Management's 4.45% AT1 notes were bid at 99.39 after hitting a low of 98.61 on Tuesday, according to Tradeweb.