Wal-Mart (WMT) has taken a stake in 360buy JingDong Mall, the leading China-based online seller of consumer electronics and communications gear, Reuters reports. The story says 360buy disclosed that it has received $500 million in funding from six strategic partners, including Wal-Mart. The size of the retail giant’s investment was not disclosed.
Among 360buy’s rivals: E-Commerce China Dangdang (DANG), which recently completed an IPO in the U.S., selling 17 million American depositary shares at $16; the shares now traded for $28 and change.
Wal-Mart itself no slouch when it comes to retailing in China: The company on its Web site says that as of August 5 it had 189 stores in 101 cities, creating over 50,000 jobs. The company also operates an online version of its Sam’s Club unit in China.