Wal-Mart Stores Inc. increased its stake in China's JD.com, The Wall Street Journal reported Oct. 6.
The U.S. conglomerate's holding in the e-commerce company has risen to 10.8%, the report said, citing a regulatory filing. A Wal-Mart spokeswoman told the Journal that the move was part of an ongoing plan to operate as a passive investor in the Chinese market.
The company previously struck a partnership deal with JD.com to combine e-commerce and retail for Chinese customers. Pursuant to the deal, Wal-Mart acquired about a 5% stake in JD.com in exchange for handing over its online marketplace Yihaodian, including its brand, website and app, to the Chinese company.