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Wal-Mart buys shares of Chinese firm Yihaodian

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SAN FRANCISCO Jul 23, 2015 - 12:00 am GMT+3
by Jul 23, 2015 12:00 am
Wal-Mart Stores announced it has acquired the remaining shares of e-commerce business Yihaodian, taking full ownership of the fast-growing Chinese company. The company said in a statement that Yihaodian will be led by Wang Lu, president and CEO of Walmart Global eCommerce in Asia.Wal-Mart previously had owned 51 percent of the online supermarket, said to be one of China's top e-commerce businesses. Wal-Mart acquired the remaining shares from Ping An of China, a financial services group, and the co-founders, former chairman Gang Yu and former CEO Junling Liu.
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  • Last Update: Jul 23, 2015 10:38 pm
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