HONG KONG: Chinese e-commerce firm JD.com said on Wednesday top shareholder Walmart had sold its entire stake after an eight-year investment, as the US retail giant focuses on its own operations in China.

A placement of the shares was fully subscribed, a person familiar with the matter told Reuters, and would be worth $3.74 billion at the top end of the offered range.

The US company entered the partnership in 2016, after selling its Chinese online grocery store Yihaodian in return for a 5% stake in JD.com worth about $1.5 billion based on the firm’s market value at the time.

Walmart owned a 5.19% stake in JD.com worth about $2 billion as of March 31, according to LSEG data. The company plans to double down on its Sam’s Club warehouse business in China after the stake sale.