Walmart, which previously held approximately 51 percent of Yihaodian stock, acquired the remaining shares from financial services group Ping An of China and the co-founders, former chairman Gang Yu and former chief executive officer Junling Liu.
Prior to joining Walmart Global E-Commerce, Wang Lu managed CBS Interactive in China. Previously, he served as senior vice president and head of China at interactive content company CNET Networks.
With full ownership of Yihaodian, Walmart plans to invest in both accelerating e-commerce and creating
“Yihaodian has excelled as one of China’s top e-commerce businesses. We’re excited about the team at Yihaodian and their strong local e-commerce experience,” says Neil Ashe, president and chief executive officer, Walmart Global E-Commerce. “This local experience, combined with Walmart’s global sourcing and our strong local retail presence and supply chain will allow us to deliver low prices on the products customers need in new and exciting ways. Our investment in Yihaodian is part of our long-term commitment to grow in China, and we look forward to continuing to play a positive role in the development of the e-commerce industry."
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