Leading retailer Walmart has increased its share in China’s e-commerce site JD.com from 5.9 per cent to 10.8 per cent.
The US-headquartered retailer acquired the shares on 5 October 2016 though Walmart does not hold extra voting power.
“The stepped-up investment in JD has been part of our plan, as we continue to be a passive investor. We believe this strategic alliance will help us grow e-commerce even faster in China,” a Walmart spokeswoman told WSJ.
Walmart China sold its e-commerce business Yihaodian to JD.com for 5.9 per cent of the company in June as part of a strategic agreement to service Chinese consumers both online and offline.
An interview with JD.com’s sourcing head for fresh produce, Clark Meng, was published in the July/August 2016 edition of Asiafruit.