Wal-Mart acquires remaining shares of Yihaodian

According to reports, Wal-Mart Stores, Inc. has purchased the remaining shares in Yihaodian, which is an e-commerce business. With this, it has fully owned Chinese company, which has been growing rapidly. According to Wal-Mart Stores, the newly owned company would be run in the leadership of Wang Lu, who is president and CEO of Walmart Global eCommerce in Asia.

According to president and CEO of Walmart Global eCommerce, Neil Ashe, “Yihaodian has excelled as one of China's top e-commerce businesses”. She added that they are looking forward to gain from the team at Yihaodian and their local e-commerce experience.

As per Ashe, “This local experience, combined with Walmart's global sourcing and our strong local retail presence and supply chain will allow us to deliver low prices on the products customers need in new and exciting ways”.

Earlier, Wal-Mart was having 51% of the online supermarket, and is known as one of top e-commerce businesses in China. According to Ashe, their investment in Yihaodian is related to their commitment to develop in China and they expect to keep on contributing in the growth of the e-commerce industry.

Wal-Mart got the remaining shares from Ping An of China, which is a financial services group, and the co-founders, former CEO Junling Liu and former Chairman Gang Yu. The company said that it is looking forward to build a 'seamless experience' for customers across mobile, online and stores together with looking for a major attention in e-commerce.

Wal-Mart has been developing its online business after mediocre sales in the United States, directly challenging online competitor Amazon.