Wal-Mart buys remaining shares of Chinese firm Yihaodian


Wal-Mart Stores, Inc. announced it has acquired the remaining shares in e-commerce business Yihaodian, taking full ownership of the fast-growing Chinese company. - AFP/File / Teh Eng Koon

SAN FRANCISCO, July 23, 2015 (AFP) - Wal-Mart Stores, Inc. announced it has acquired the remaining shares in e-commerce business Yihaodian, taking full ownership of the fast-growing Chinese company.

The Bentonville, Arkansas-based company, which has boosted spending on e-commerce investment, said in a statement late Wednesday that Yihaodian will be led by Wang Lu, president and CEO of Walmart Global eCommerce in Asia.

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