Wal-Mart gets China approval for e-commerce deal

Aug 14, 2012

(AP) — Wal-Mart has received conditional approval from Beijing to acquire a majority stake in a Chinese e-commerce company.

will increase its stake in the Yihaodian holding company to approximately 51 percent, from a little more than 17 percent.

Yihaodian has been in business for less than four years. It sells more than 180,000 products ranging from groceries to electronics to clothing.

Wal-Mart's is seeking more access to Chinese consumers, who are increasingly shopping online.

The financial terms were not disclosed, but the transaction is subject to final closing conditions, Wal-Mart spokesman Dan Toporek said Tuesday.

"Wal-Mart is committed to the development of our e-commerce business in . We are impressed with Yihaodian's strong management team and pleased with our investment," he said in an email. "Wal-Mart and Yihaodian will continue to work hard to bring the best shopping experience to Chinese customers."

Wal-Mart, the world's largest retailer, operates more than 10,000 retail stores under 69 different names in 27 countries.

Shares of Wal-Mart Stores Inc., rose 65 cents to $74.04 in early afternoon trading.

Explore further: Alibaba surges in Wall Street debut (Update)

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Wal-Mart ready to settle Netflix case for $27.5M

Nov 16, 2011

(AP) -- More than 25 million current and former Netflix subscribers are being offered a sliver of a $27.5 million settlement from Wal-Mart. The proposed payment is being made to settle allegations that the video subscription ...

Wal-Mart to go solar to save energy

Oct 28, 2005

Wal-mart has announced that energy efficiency and renewable energy such as roof solar panels are part of its corporate goals for its U.S. stores.

Wal-Mart to sell goods from other vendors on Web

Aug 31, 2009

(AP) -- Wal-Mart Stores Inc. has launched an addition to its online business that has outside retailers selling nearly 1 million new items through Walmart.com, a move that could help the world's largest retailer catch up ...

Wal-Mart buys online movie company Vudu

Feb 22, 2010

US retail giant Wal-Mart plunged into the online video market on Monday with the purchase of Vudu, a company which delivers movies to Internet-enabled television sets and Blu-ray players.

Wal-Mart to sell Verizon prepaid wireless

Mar 10, 2006

Verizon Wireless further entrenched itself in the battle for prepaid wireless phone customers Thursday, announcing that their INpulse pay-as-you-go service is now available at all U.S. Wal-Mart stores.

Recommended for you

Alibaba makes Wall Street debut

Sep 19, 2014

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

Sep 19, 2014

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

Alibaba mega IPO caps founder Jack Ma success tale

Sep 19, 2014

When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. That bold ambition from a time when China was ...

User comments : 0