Wal-Mart takes controlling stake in Chinese online retailer
Bentonville, Ark. -- Wal-Mart Stores' investment in China continues to grow as the company now has a controlling stake in one of the country's fast-growing e-commerce websites. The company announced that it has reached an agreement to increase its investment in the holding company of Yihaodian, bringing its total ownership stake to approximately 51%. Yihaodian is a leader in online grocery sales, as well as in such categories as consumer electronics and apparel.
Closing of the transaction is subject to Chinese government regulatory approval.
“This investment further enables Walmart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smartphones and social media,” said Neil Ashe, president and CEO of Walmart Global e-commerce.