The Ministry of Commerce (MOC) has welcomed Walmart’s purchase of Yhd.com, a move that means the world’s largest retailer is the first company to wholly own a Chinese e-commerce platform.
Walmart has been buying stakes in Yhd.com, a smaller version of Alibaba, since 2011. The company announced on 23 July that it had acquired full ownership after China lifted a cap on the number of shares that foreign firms are allowed to hold in Chinese e-commerce platforms in March.
MOC spokesperson Shen Danyang said on Tuesday that the ministry expects Walmart’s investment to not only improve the services of Yhd but to be a boon to China’s retail sector.
(Source: Shanghai Daily)