Executive Summary

• Walmart and JD.com announced a series of joint initiatives to expand their offering for Chinese online shoppers ahead of Singles Day 2016. This builds upon an existing strategic alliance the two companies had formed in June 2016.
• A Sam’s Club Flagship Store and a Walmart Global store will be opened on JD.com, enhancing the product offering for Chinese customers. Two-hour deliveries will be offered from more than 20 Walmart stores.
• We are positive on the debut of Walmart Global and Sam’s Club on JD.com ahead of Singles Day 2016. In our view, this strategic partnership is constructive to Walmart’s strategy to expand its online presence in China.