Wal-Mart completes deal with Chinese e-commerce company
Bentonville, Ark. -- Wal-Mart Stores Inc. announced the completion of its increased investment in Yihaodian, a fast-growing Chinese e-commerce company. The chain now holds an approximate 51% stake in the Yihaodian holding company.
"This investment demonstrates we are committed to the development of e-commerce in China and bringing the best possible shopping experience to Chinese customers," said Neil Ashe, president and CEO of Wal-Mart's Global e-commerce division in a statement.
Yihaodian sells more than 180,000 products ranging from groceries to electronics to clothing. It has 24 million registered users, and offers same-day delivery to customers in select markets.