Walmart raises stake in China's to 10.8 pc

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Walmart has nearly doubled its stake in Chinese online retailer, according to a financial document disclosed on Wednesday.
In a form filed with the Securities and Exchange Commission, the Bentonville, Ark.-based company said it owns 265 million shares, or more than 9 per cent of shares outstanding in JD, up from the 5 per cent stake it obtained after selling its Yihaodian online marketplace to JD in June. is a main competitor of Alibaba. also has a strategic alliance with Chinese messaging giant Tencent, which owns a strategic stake in JD. Tencent is Alibaba’s archrival, with nearly equal market caps: Tencent is worth US$263 billion vs. Alibaba’s US$267 billion.
WalMart has been putting more effort into its e-commerce efforts after has greatly lagged the growth of Amazon. WalMart recently bought, a start-up rival to Amazon, for US$ 3.3 billion.
READ MORE: Walmart in preliminary talks to invest $1 billion in Flipkart
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