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Business deals

JD.com divests from travel agency Tuniu in $65m fire sale

Pullout comes five years after $500m investment

JD.com will cut its losses as the travel sector continues to reel from the pandemic.   © Kyodo

DALIAN, China -- Major e-commerce platform JD.com will unload its entire 21% stake in Chinese online travel website Tuniu for about 458 million yuan ($65 million), losing a $500 million bet as a recovery looks elusive for a sector decimated by the pandemic.

JD.com and Tuniu announced the sale to travel company Caissa Sega Tourism Culture Development Group on an unspecified closing date.

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