Wal-Mart Investing In Chinese Online Retail Company 360Buy.com

Posted Dec 30, 2010

Wal-Mart Stores, Inc. (NYSE:WMT) and a group of partners is expanding further into China by investing $500 million into 360Buy.com. 360Buy.com was founded in 2004 and is similar to Amazon.com in China. 360Buy.com’s revenues this year is expected to hit the equivalent of U.S. $1.54 billion (CNY 10.2 billion). Wal-Mart opened their first retail stores in China around 1996. Now the retail giant has 50,000 employees and 189 stores in China. [Trading Markets]