An empty shopping cart is seen at a branch store of Wal-Mart in Beijing, China, October 15, 2015. REUTERS/Kim Kyung-Hoon/File Photo TPX IMAGES OF THE DAY
NEW YORK/SHANGHAI: Wal-Mart Stores Inc has sold its Chinese online grocery store in return for a stake in the country's No 2 e-commerce firm, ripping up its previous strategy in efforts to cure ailing sales in one of the world's toughest retail markets.
The deal will see the US grocery giant swap its Yihaodian platform for a 5% stake in JD.com Inc, worth about US$1.5bil (RM6.06bil) by the firm's latest market value. The move also gives Wal-Mart a ringside seat in JD.com's bitter rivalry with Chinese e-commerce leader Alibaba Group Holding Ltd.
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