Wal-Mart completes Yihaodian buyout
Print Edition
UNITED States-based Wal-Mart Stores yesterday said it has taken full control of Shanghai-based online retailer Yihaodian.com as it seeks to expand its presence in the e-commerce sector.
The world’s largest retailer said it purchased the 49 percent stake in Yihaodian that it didn’t already own for an undisclosed sum from the website’s co-founders — Yu Gang and Liu Junling — and Ping An Group.
The announcement came after the Chinese government said last month that it will now allow full foreign ownership of selected e-commerce businesses, as it seeks to encourage more overseas investment and make the sector more competitive.
Wal-Mart had been a controlling shareholder in Yihaodian since 2012, when the US company increased its stake to 51 percent.
“Our investment in Yihaodian is part of our long-term commitment to grow in China, and we look forward to continuing to play a positive role in the development of the e-commerce industry,” Neil Ashe, president and CEO of Wal-Mart Global eCommerce, said in a statement.
Former Yihaodian Chairman Yu and CEO Liu left the company earlier this month, saying they were pursuing new business ventures.
Wang Lu, president and CEO of Wal-Mart Global eCommerce Asia, will take over as head of operations at Yihaodian.
Ping An will continue to work with Wal-Mart and Yihaodian, the statement said.
Wal-Mart, has seen dwindling sales growth in China over the past five years, losing ground to local rivals, according to research company Kantar Worldpanel.
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