Tuesday, December 19, 2006

EBay Exiting China


eBay will close its China site and begin a relationship with Tom Online to create a replacement, our IDG News Service rep in Beijing, Steven Schwankert, reported today.

After failing to gain significant market share in China's consumer auction market, eBay will join Tom.com in creating a Tom.com-operated site in its stead, The Wall Street Journal said.

Rumors have been circulating for months that eBay was preparing to exit the China market, but were readily denied by the company. eBay bought Chinese auction site Eachnet in 2003 for $150 million. Eachnet was founded in Shanghai in the late 1990s by local entrepreneur Shao Yibo, and its Chinese name, "Yi Qu," still represents the site in China.


No comments: