U.S. Wal-Mart Stores Inc. sold its online trading platform to Chinese JD.com Inc
Almaty. June 21. Silkroadnews – American “Wal-Mart Stores Inc.” sold its online trading platform “Yihaodian” to the Chinese “JD.com Inc.”, The Wall Street Journal informs.
“Wal-Mart said it will sell its Yihaodian website to JD.com Inc. – the second-largest online retailer in China, after Alibaba Group Holding Ltd. U.S.-based Wal-Mart will receive a 5% stake in JD.com, valued at roughly $1.5 billion at recent prices, and access to JD.com’s delivery network and shoppers”, the statement says.
The retailer first invested in Yihaodian in 2012 and took full control of the business last year. The publication notes, the website has built a niche in grocery sales but accounts for just 1.5% of China’s retail e-commerce market, according to data from consulting firm iResearch. JD.com and Alibaba together command about 80% of the market.
It is also reported that under the deal terms Wal-Mart waives a right to open a new web-site in China, however, can continue operation of its local units, as well as websites and mobile applications of Sams Club.
JD.com, Jingdong Mall is the Chinese company working in internet commerce and e-business, based in Beijing. In terms of transaction volumes, it is one of the largest traders in the Chinese internet of B2C model.
