Wal-Mart increases stake in China's JD.com

Markets Associated Press

Wal-Mart Stores Inc. has increased its stake in JD.com, China's No. 2 e-commerce site.

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In a regulatory filing late Wednesday, Wal-Mart said that it has upped its stake in JD.com to 10.8 percent from 5.9 percent.

The move comes four months after Wal-Mart bought an initial stake in JD.com in a deal that also gave JD.com ownership to its Chinese company Yihaodian e-commerce site, including the brand and app.

Wal-Mart is trying to improve its business in China, which is lucrative but increasingly challenging.

Wal-Mart, based in Bentonville, Arkansas, aims to boost global online growth. It recently closed on a deal to buy fast-growing U.S. online retailer Jet.com for a purchase price of $3 billion.