Wal-Mart buys up remaining Chinese stake

BENTONVILLE, Ark. — Wal-Mart has acquired the remaining stake it did not own in Chinese e-retailer Yihaodian for undisclosed terms. The move comes after the People’s Republic loosened restrictions on foreign ownership, allowing the U.S. retail giant to surpass its 51% investment in the business. The remaining shares were acquired from Chinese holding company Ping An Insurance. Wal-Mart is looking to keep up with the rapidly growing e-retail market in China, but Yihaodian currently lags at sixth place in online market share in China, according to researchers at Euromarket International.