China’s e-commerce market hasn’t been easy for Walmart to crack, but the U.S. shopping giant isn’t giving up. The company is investing even more in its e-commerce operations there, by taking full control of a Chinese online retailer.
On Thursday, Walmart bought up the remaining shares of Yihaodian, after previously owning 51 percent in the Chinese company. Financial details were not announced, but the move will accelerate Walmart’s online expansion in China, the U.S. retail giant said.
Walmart’s move was made possible by the Chinese government’s recent decision to open the e-commerce market to more foreign investment. Last month, a Chinese regulator removed restrictions that barred foreign investors from taking a 100 percent stake in any e-commerce operation in the country. Before that, foreign investors such as Walmart had to enter into joint ventures with local Chinese players.