Wal-Mart boosts stake in JD.com

Wal-Mart Stores Inc. has nearly doubled its current stake in JD.com, China's second biggest ecommerce company.

The US-based retailer increased its stake in JD.com from 5.9 percent to 10.8 percent, according a regulatory filing late Wednesday evening. The move comes four months after Wal-Mart agreed to sell its Chinese e-commerce business, Yihaodian, to JD.com, in exchange for a 5 percent stake.

Wal-Mart is currently said to be trying to boost its business in China to help strengthen its global online business. Although the Arkansas-based retailer has been in China for a number of years, it struggled to acclimate to the local market as more shoppers turned to websites such as Alibaba.

"The stepped-up investment in JD has been part of our plan, as we continue to be a passive investor," said Jo Warner, a spokeswoman for Wal-Mart to Bloomberg.