China's Commerce Ministry Responds to Walmart's Investment in Yihaodian.com

China's Ministry of Commerce said it has not received any formal documents regarding Walmart's purchase of a stake in Yihaodian.com, a leading online supermarket that offers discounted groceries and delivery service across the nation. Yao Jian, the commerce ministry spokesman, said the government would keep an eye on the issue.

Yihaodian founder Yu Gang said details of the deal would be announced next week. The site was established in 2008, and generated ¥4.17 million, ¥46 million and ¥805 million in revenues over the past three years. Yu expects revenue to reach ¥6 billion annually in the years to come, and will be focused on turning a profit.

$1 = ¥6.51