Arab Today, arab today china welcomes walmarts ecommerce purchase
Last Updated : GMT 09:22:01
Arab Today, arab today
Arab Today, arab today

China welcomes Walmart's e-commerce purchase

Arab Today, arab today

Arab Today, arab today China welcomes Walmart's e-commerce purchase

China welcomes Walmart
Beijing - XINHUA

The Ministry of Commerce (MOC) has welcomed Walmart's purchase of Yhd.com, a move that means the world's largest retailer is the first company to wholly own a Chinese e-commerce platform.

Walmart has been buying stakes in Yhd.com, a smaller version of Alibaba, since 2011. The company announced on July 23 that it had acquired full ownership after China lifted a cap on the number of shares that foreign firms are allowed to hold in Chinese e-commerce platforms in March.

MOC spokesperson Shen Danyang said on Tuesday that the ministry expects Walmart's investment to not only improve the services of Yhd but to be a boon to China's retail sector.

It hopes Walmart will use its experience in procurement, logistics, processing, management and food safety to help the sector's sustainable development, Shen said at a press conference.

Walmart's move shows it is upbeat about the economy and market in China and the government's progress in opening up e-commerce, according to the spokesperson.

Under the deal, Yhd will retain its brand and management.

Yhd had amassed nearly 90 million users by the end of 2014. Its two co-founders, Yu Gang and Liu Junling, announced their departure from the company in mid-July.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china welcomes walmarts ecommerce purchase Arab Today, arab today china welcomes walmarts ecommerce purchase

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china welcomes walmarts ecommerce purchase Arab Today, arab today china welcomes walmarts ecommerce purchase

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday