CRI听力:Wal-Mart invests $50M in China's online grocery business
The world's largest retailer Walmart is investing 50 million U.S. dollars in China's online grocery and logistics company New Dada, as it moves to strengthen its foothold in the country's fiercely competitive food market.
The move is an extension of Walmart's pact with JD.com, China's second largest e-commerce site.
New Dada, partly owned by JD.com, has more than 25 million registered customers and delivers to more than 300 cities.
Walmart has increased its stake in JD.com to 10.8 percent, following an initial deal that gave JD.com ownership of the American company's Chinese e-commerce site Yihaodian.
Walmart says it will be using New Dada's network to offer customers two-hour delivery on groceries ordered from Walmart stores.
For more on this, we are joined by CRI business analyst Einar Tangen.
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