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Wal-Mart increases its shareholding in

Update Date:2016-10-9 16:06:31 Source:BeiJing Tannet Views:356
Wal-Mart Stores Inc is pushing more aggressively onto Alibaba Group Holding Ltd's turf.

The Bentonville, Arkansas-based retailer boosted its stake in China's second-largest e-commerce website Inc, strengthening an alliance to win more market share in the world's largest online market. Wal-Mart lifted its holding to 10.8 percent from 5.9 percent, according to an amended 13-G filing on Thursday. JD rose 7.5 percent in extended trading in the US.

Wal-Mart is tapping's online resources after it struggled to adapt to a slowing local economy and more shoppers turn to online platforms including those owned by Alibaba. Wal-Mart Chief Executive Officer Doug McMillon has said that the company needs to succeed in China, where it estimates that 25 percent of global retail growth will come from in the next five years.

The article transsshipment from China Daily

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