Wal-Mart buys majority stake in shopping site Yihaodian

Wal-Mart Stores (WMT.NYSE) said it plans to increase its stake in Yihaodian, a fast-growing online retailer in China, from 18% to 51% in an effort to benefit from the country’s booming online consumer market, The Wall Street Journal reported. The transaction is subject to the approval of Chinese government and Wal-Mart didn’t disclose financial details of the deal. Neil Ashe, president and chief executive of Wal-Mart’s global e-commerce division, said in statement, “We are very impressed with Yihaodian’s strong management team, solid competence in supply chain management and, like Wal-Mart, they are committed to outstanding service to their customers.” Wal-Mart said third-quarter sales at its Chinese stores open at least a year rose 6% from a year earlier, but customer visits dropped 7%. China’s B2C online shopping market is expected to grow more than fivefold to US$105 billion within the next two years, according to research firm Analysys International.