EBAY TO TEAM UP WITH A CHINESE FIRM
AsiaInfo Services, December, 2006
AsiaInfo Services 12-21-2006 eBay to Team up with a Chinese Firm BEIJING, Dec 21, 2006 (SinoCast via COMTEX) -- eBay, the world's largest online auctioneer, will hand over its Chinese business to a joint venture with TOM Online, according to a source close to the firm. eBay will hold a 49% stake in the joint venture, and TOM Online a 51% stake.
TOM Group (SEHK: 2383) and TOM Online (SEHK: 8282) suspended their shares at the same time yesterday, which, simulated by the merge, were up 5.56% and 13.91% on the day respectively. By the move, eBay aims to strengthen its business in the Chinese market rather than to withdraw from the market reported earlier, said the source. This is supported by the fact that eBay does not have any plans of job-cutting. In...
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