Yu Gang and Liu Junling, chairman and chief executive officer, respectively, of Yihaodian, the e-commerce giant that is 51 percent owned by Wal-Mart Stores Inc., have resigned, according to reports.

The two cofounders of Yihaodian are reportedly starting a new venture.

Wal-Mart has been looking for growth in China to offset flat sales in the U.S. and recently revealed a commitment to open up to 115 new stores in China by 2017.

Yihaodian is ranked fifth in China’s Internet retail market with a 2 percent share. The leader, Alibaba, has a 44 percent share.

“Yihaodian continues to be an important part is Wal-Mart’s strategy to serve customers in China,” said a Wal-Mart spokeswoman.” In a relatively short time, Yihaodian has become one of the leading e-commerce businesses in China and one of the most admired by its customers.
“This has been made possible by the Yihaodian team and by the entrepreneurship and leadership of Gang and Junling. We want to thank Gang and Junling for their innovation and their passion for serving customers, and for creating a world-class foundation for this business.  We also thank them for building a strong team that will help Yihaodian continue to innovate and grow in the future.”

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