BEIJING - 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.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
