Wal-Mart Stores, Inc. WMT today announced it has acquired the
outstanding shares in Yihaodian, taking full ownership of its
fast-growing e-commerce business in China. Wang Lu, president and CEO of
Walmart Global eCommerce in Asia, will lead Yihaodian as part of his
overall executive responsibilities.
With full ownership of Yihaodian, Walmart plans to invest in both
accelerating e-commerce and creating a seamless experience for customers
across online, mobile and stores. Walmart, which previously held
approximately 51 percent of Yihaodian, 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. The two co-founders
announced earlier this month that they are leaving Yihaodian,
See full press release
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