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BEIJING — Wal-Mart Stores Inc. said it plans to buy a majority stake in Chinese e-commerce company Yihaodian, a move to boost its online efforts as consumers there flock to the Internet to shop.
The Bentonville, Ark., company will buy 51% of closely held Yihaodian, increasing its investment from 18%, Wal-Mart spokesman Anthony Rose said Monday. The transaction is subject to the Chinese government’s approval.
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