NEW YORK — Wal-Mart is partnering with China's No. 2 e-commerce site, the U.S. retailer said.
The company said Monday that it was giving JD.com ownership of its Yihaodian marketplace, including the brand, website and app.
Wal-Mart's Sam's Club China will open a flagship store on JD.com, and both companies will work to leverage their supply chains and broaden the range of imported goods.
Wal-Mart Stores Inc. of Bentonville will take a 5 percent stake in JD.com, or nearly 145 million newly-issued Class A shares in the Beijing company.
In February, Wal-Mart said global e-commerce rose 8 percent in the fourth-quarter, well below the 20 percent pace of growth just a few years ago.
Shares in JD.com surged 8 percent before trading was halted Monday.
Read Tuesday's Arkansas Democrat-Gazette for full details.