Wal-Mart Stores Inc on Wednesday [18 November 2015] signed an agreement with China Resources SZITIC Investment Co Ltd for the purchase of minority interests in 21 joint ventures. The deal is valued at 3.3 billion yuan ($520 million). This agreement is, however, subject to approval from the relevant government authorities…Full Article: China Daily Nov 2015
- Going forward, Wal-Mart China plans on opening new stores in Inner Mongolia, Yunnan, Shandong, Fujian, Hubei and Guangdong provinces.
- In October 2015, China Resources SZITIC, a subsidiary of China Resources Corp, announced it will its 35% stake in 21 Wal-Mart Stores in China for approximately CNY 3.35 billion (US$523.4 million). China Resources SZITIC is a subsidiary of China Resources Corp.
- In July 2015, Wal-Mart China bought out the remaining 49% of Yihaodian, taking full control (100%) of the e-commerce retail company.
- As of 2014, Wal-Mart has more than 400 retail units operating in China, with the first opening in 1996 in Shenzhen, southern China.
- In October 2012, Wal-Mart increased its stake in Yihaodian to more than 51%.
- In May 2011, Wal-Mart acquired a minority stake in Yihaodian.
- Founded in 2008 and headquartered in Shanghai, Yihaodian is an e-commerce grocery website that has expanded to include household appliance and clothing. In 2011 and 2012, Wal-Mart bought increasing stakes in the company. As of 2014, the company served more than 100 Chinese cities (1-2 day delivery service). In July 2015, the company was bought out by Wal-Mart.