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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 This material may not be published, broadcast, rewritten or redistributed.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 69 311 15,028
MORTGAGES 83 338 19,668
FORECLOSURE NOTICES 0 43 3,838
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 65 247 14,281
BUSINESS LICENSES 16 120 5,111
UTILITY CONNECTIONS 70 316 21,749
MARRIAGE LICENSES 18 93 4,650

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