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Wal-Mart to Buy 5 Percent Stake in JD.com as Part of Alliance in China

Wal-Mart Stores Inc. will acquire a 5 percent stake in Asian e-commerce giant JD.com Inc. as part of a deal that will reshape the US retail chain’s operations in China.
Source: Flickr/JohnPasden
By
  • Bloomberg

BEIJING, China — Wal-Mart Stores Inc. will acquire a 5 percent stake in Asian e-commerce giant JD.com Inc. as part of a deal that will reshape the US retail chain's operations in China.

As part of the agreement, JD.com will take ownership of Wal-Mart’s Yihaodian online marketplace, the companies said in a statement Monday. The Chinese branch of Sam’s Club also will open a store on JD.com, and the two companies will link up their supply chains. Wal-Mart will receive about 145 million newly issued Class A shares of JD.com in the transaction.

The partnership gives Wal-Mart a fresh start in China after struggling to adapt to local culture and buying patterns. For JD.com, the deal bolsters its operations as the company faces off against Alibaba Group Holding Ltd. for the nation’s e-commerce shoppers.

“We look forward to further developing Yihaodian, which has tremendous strength in important regions of eastern and southern China,” JD.com chief executive officer Richard Liu said in the statement.

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JD.com shares soared when reports of the deal surfaced. The stock was up 8.4 percent to $21.83 in New York on Monday before it was halted.

By Nick Turner; editors: Nick Turner and Kevin Orland. 

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