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VOL. 127 | NO. 35 | Tuesday, February 21, 2012

Wal-Mart Takes Controlling Stake of Chinese Site

AP

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BENTONVILLE, Ark. (AP) Wal-Mart Stores Inc. plans to buy a controlling stake in the fast-growing Chinese online retailer Yihaodian.

The retail chain has agreed to increase its stake in Yihaodian's holding company to approximately 51 percent, Wal-Mart said late Sunday.

The financial terms of the deal were not disclosed. It still must be approved by Chinese government regulators.

Yihaodian sells more than 180,000 products, including groceries, electronics and apparel. It has expanded rapidly since it was founded in July 2008. It has 5,400 employees and a next-day delivery network across Shanghai, Beijing, Guangzhou, Wuhan and Chengdu.

Wal-Mart eCommerce executive Neil Ashe said the deal improves Wal-Mart's access to Chinese consumers who use smartphones and social media to shop.

Yihaodian co-founder and chairman Gang Yu said Wal-Mart's carefully managed supply chain will make the Chinese firm more efficient.

Wal-Mart operates more than 10,000 retail stores under 69 different names in 28 countries.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 43 43 12,074
MORTGAGES 78 78 15,834
FORECLOSURE NOTICES 0 0 3,130
BUILDING PERMITS 0 0 28,832
BANKRUPTCIES 97 97 11,768
BUSINESS LICENSES 18 18 4,292
UTILITY CONNECTIONS 190 190 17,922
MARRIAGE LICENSES 43 43 3,711

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