Walmart Acquires Remaining Shares in Yihaodian e-Commerce Business in China

Wal-Mart Stores, Inc.

today announced it has acquired the outstanding shares in Yihaodian, taking full ownership of its fast-growing e-commerce business in China. Wang Lu, president and CEO of Walmart Global eCommerce in Asia, will lead Yihaodian as part of his overall executive responsibilities. With full ownership of Yihaodian, Walmart plans to invest in both accelerating e-commerce and creating a seamless experience for customers across online, mobile and stores. Walmart, which previously held approximately 51 percent of Yihaodian, acquired the remaining shares from Ping An of China, a financial services group, and the co-founders, former Chairman Gang Yu and former CEO Junling Liu. The two co-founders announced earlier this month that they are leaving Yihaodian,