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Carrefour's retreat in the Chinese market came as foreign retailers have faced mounting pressures from domestic rivals and aggressive e-commerce players in China, coupled with the slowdown in large-sized retail formats including hypermarkets and supermarkets.

Cao Lei, director of the China E-Commerce Research Center, said the acquisition will create the largest cross-border e-commerce platform in China, which will account for more than half of market share, far outstripping rivals such as JD's cross-border e-commerce unit and VIP International.

Chang confessed to his crimes during the trial, according to the court. The verdict will be announced at another date.

Caricatures of the top three meal delivery services in the domestic online food delivery market: ele.me, Meituan and Baidu Waimai, from left to right respectively.[Photo/VCG]

Charles Mudiwa, the CEO of Stanbic Bank, said his institution has a strong Chinese connection by the fact that the ICBC Bank is its biggest shareholder.