Walmart execs continue to focus on operational efficiency and running a simpler business more broadly. The latest sign of that came on Wednesday, as the world’s largest retailer ended its eight-year relationship with China’s JD.com (JD) by selling its remaining stake in the e-commerce player for more than $3.5 billion. Walmart will use the proceeds to invest in other, more high-priority areas of the business, including US online shopping.

"Our strategy in recent years has been consistent, to align our portfolio to have the best path to success in our markets. JD has been a valued partner to us over the past 8 years, and we are committed to a continued commercial relationship with them. This decision allows us to focus on our strong China operations for Walmart China and Sam’s Club, and deploy capital towards other priorities. We look forward to continuing to serve customers and members in China and around the world," a Walmart spokesperson told me via email.

The sale also reflects the structural challenges in the Chinese retail market amid a sharp property market and intense competition between Alibaba (BABA) and Temu (PDD).

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