eBay shuts China website to join local web venture
The world’s biggest online auction company, eBay, is to shut down its website in China and will instead take a minority stake in a local venture, according to reports in China and the US last night.The decision represents a setback for the company and an admission that it has struggled to make inroads in the world’s second largest internet market by user.
The Californian firm intends to take a 49% stake in a partnership with the internet portal Tom Online, which is controlled by the billionaire Li Ka-Shing, who is Hong Kong’s richest man.
Source: Andrew Clark in New York
Tuesday December 19, 2006
The Guardian
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