Yihaodian's chairman and CEO resign

E-commerce company Yihaodian’s CEO Junling Liu and Chairman Gang Yu have both resigned “to pursue their next venture,” Reuters reported, citing an announcement from parent company Wal-Mart. The world’s biggest retailer, Wal-Mart plans to close some under-performing stores in China and seek to tap into the faster-growing online grocery market through its digital Yihaodian.com platform. The U.S. company “will work to accelerate (Yihaodian’s) growth … and Walmart continues to be committed to investing in China and in e-commerce.” But Yihaodian.com remains dwarfed in China by domestic rivals Alibaba Group Holding and JD.com.