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June 21, 2016

Wal-Mart to sell its Chinese online business

By ANNE D'INNOCENZIO
AP Retail Writer

NEW YORK — Wal-Mart is selling its Chinese online business to the country's No. 2 e-commerce site in a strategic partnership that it hopes will bolster its presence in the extraordinarily lucrative but increasingly competitive online marketplace.

The company said Monday it is giving JD.com ownership of its Yihaodian e-commerce site in China, including the brand and app. Wal-Mart's Sam's Club China will open a flagship section on JD.com, and both companies will leverage their supply chains and broaden the range of imported goods. Wal-Mart will take a 5 percent stake in JD.com, or nearly 145 million newly issued Class A shares in the company.


 
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