US-based multinational corporation Walmart has revealed plans to acquire a majority stake in Chinese e-commerce firm Yihaodian, to face competitors on the Chinese market.

The financial terms of the acquisition have not been disclosed yet and the transaction is waiting for the Chinese government’s approval.

The new investment in Yihaodian will allow Walmart to increase its stake to 51 percent. Walmart’s current stake in the Chinese firm has not been unveiled.

Chinese B2C shopping website Yihaodian operates a logistics network across China and provides more than 75,000 products ranging from clothing and grocery to consumer electronics.

The business-to-consumer (B2C) segment of China's online shopping market is expected to reach USD 105 billion (CNY 665 billion) within the next two years, research firm Analysys International has unveiled.

According to a report released by Boston Consulting Group, China has 173 million Chinese online shoppers and it is expected to become the world’s largest e-commerce market by 2015.

Recently, Walmart has appointed Greg Foran as CEO of the company’s operations in China.

Walmart acquired the minority stake in Yihaodian in May 2011.