Business Services Industry
EBAY INVESTS US$30 MLN IN CHINESE ONLINE TRADING SITE.
AsiaPulse News, March, 2002
SHANGHAI, March 18 Asia Pulse - Online trading site eBay and EachNet, a leading online trading community in China, have announced new business ties under which eBay will invest US$30 million in cash to acquire a 33 per cent interest in EachNet on a fully diluted basis, and the two companies will share best practices to further expand online trade in China.
Through the alliance, EachNet expects further extend its e-commerce leadership in China, and eBay will gain a foothold in one of the world's fastest growing Internet markets.
EachNet was founded in Shanghai in August, 1999 by two US-educated Chinese entrepreneurs, Bo Shao and Haiyin Tan. Today, EachNet has 3.5 million registered users who trade a wide variety of items from clothing and antique calligraphy...
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