Wal-Mart gets China approval for e-commerce deal

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

0 shares

Related Stories

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

November 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

October 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

August 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

February 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

March 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

Cryptocurrency rivals snap at Bitcoin's heels

January 14, 2018

Bitcoin may be the most famous cryptocurrency but, despite a dizzying rise, it's not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting.

Top takeaways from Consumers Electronics Show

January 13, 2018

The 2018 Consumer Electronics Show, which concluded Friday in Las Vegas, drew some 4,000 exhibitors from dozens of countries and more than 170,000 attendees, showcased some of the latest from the technology world.

Finnish firm detects new Intel security flaw

January 12, 2018

A new security flaw has been found in Intel hardware which could enable hackers to access corporate laptops remotely, Finnish cybersecurity specialist F-Secure said on Friday.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.