皇冠体育app

BEIJING -- US retail giant Wal-Mart Stores Inc said Wednesday it was "pleased" with a deal to control Chinese e-commerce website Yihaodian that just passed 皇冠体育app's anti-monopoly examination.

The Ministry of Commerce approved plans by Wal-Mart to increase its stake in a holding company of Yihaodian to 51.3 percent from 17.7 percent, on Tuesday.

Christina Lee, senior director of Wal-Mart 皇冠体育app's corporate affairs, in response to 皇冠体育app's approval of the deal, said: "Wal-Mart is committed to developing e-commerce business in 皇冠体育app. We are optimistic about Yihaodian's strong management and are pleased with this investment."

The deal was granted with restrictive conditions that will prevent Wal-Mart from entering 皇冠体育app's value-added telecommunications service market through Yihaodian's business, which the MOC feared may impede market competition.

The transaction still needs further regulatory approval and has to meet other final conditions to be completed, Lee said.

If successful, the acquisition will allow Wal-Mart to gain control of 皇冠体育app's largest online supermarket and grab a bigger slice of the country's booming online shopping market.