Wal-Mart buys remaining shares of Chinese firm Yihaodian

Wal-Mart Stores, Inc. announced it has acquired the remaining shares in e-commerce business Yihaodian, taking full ownership of the fast-growing Chinese company.

The Bentonville, Arkansas-based company, which has boosted spending on e-commerce investment, said in a statement late Wednesday that Yihaodian will be led by Wang Lu, president and CEO of Walmart Global eCommerce in Asia.

"Yihaodian has excelled as one of China's top e-commerce businesses. We're excited about the team at Yihaodian and their strong local e-commerce experience," said Neil Ashe, president and CEO of Walmart Global eCommerce.

"This local experience, combined with Walmart's global sourcing and our strong local retail presence and supply chain will allow us to deliver low prices on the products customers need in new and exciting ways," he said.

Wal-Mart previously had owned 51 percent of the online supermarket, said to be one of China's top e-commerce businesses.

"Our investment in Yihaodian is part of our long-term commitment to grow in China, and we look forward to continuing to play a positive role in the development of the e-commerce industry," said Ashe.

Wal-Mart acquired the remaining shares from Ping An of China, a financial services group, and the co-founders, former Chairman Gang Yu and former CEO Junling Liu.

In addition to seeking a higher profile in e-commerce, Walmart said it plans to create a "seamless experience" for customers across online, mobile and stores.

The world's biggest retailer, Wal-Mart has been building up its online business in the wake of mediocre sales in the United States, in a direct challenge to online competitor Amazon.