Latest News:  
Beijing   Cloudy/Overcast    5 / -2   City Forecast

People's Daily Online>>China Business

Wal-Mart aims to increase holding in online retailer

By Tang Zhihao (China Daily)

10:36, February 21, 2012

An advertisement for the online retailer Yihaodian in Shanghai. Wal-Mart Stores Inc is waiting for approval from Chinese regulators to increase its stake in Yihaodian to 51 percent. (Photo/China Daily)

SHANGHAI - The US retailing giant Wal-Mart Stores Inc is looking to acquire a controlling interest in Yihaodian, a Chinese online retailer.

The move is aimed at boosting Wal-Mart's online sales in the Chinese market and maintaining its competitiveness in the country's e-commerce sector.

In a statement, Wal-Mart said it plans to increase its holding in Yihaodian to 51 percent. The US retailer said the move is awaiting approval from the Chinese regulatory authorities.

In a telephone interview with China Daily, Yu Gang, chairman and founder of Yihaodian said the increase in Wal-Mart's stake will not result in significant changes in personnel. Neither company revealed any financial details about the move.

Yu also denied that Ping An Insurance (Group) Co of China, one of Yihaodian's major shareholders, will sell its entire stake to Wal-Mart. It has long been rumored that the insurer was seeking to sell its 60 percent stake in Yihaodian to Wal-Mart.

Yu said the Yihaodian brand will remain a separate unit and independent in China.

Yihaodian is one of the fastest-growing e-commerce business operators in China. Its sales revenue reached 2.7 billion yuan ($429 million) in 2011, increasing from 4.17 million yuan in 2008. In 2010, Ping An acquired an 80 percent share of Yihaodian, valued at 80 million yuan.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. China's VP meets with parliament officials in Ireland

  2. Huston Rockets defeats Utah Jazz

  3. Mexico marks Day of Army

  4. Revellers perform in carnival parade in Corrientes, Argentina

Most Popular


  1. China, India should treat competition rationally
  2. China takes responsible attitude towards Syrian
  3. Admire Jeremy Lin for his skills, not the way he looks
  4. VP Xi's U.S. tour hailed as future-oriented landmark
  5. Vote on Syria resolution shows responsibility
  6. China's rise is opportunity for world
  7. China, US need healthy, stable military ties
  8. Promoting China-US relations needs open mind
  9. Promoting peace talks shows China's attitude
  10. European integration at crossroad

What's happening in China

Festive decorations put on around Potala Palace as Losar

  1. 10 dead, 3 missing in steel plant blast in Liaoning
  2. City sets a record for longer life
  3. Local officials assessed on "personal morals"
  4. NGOs oppose real-name HIV testing policy
  5. Flight delays decrease in 2011

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai