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Yahoo! Buys 40% Chunk of China's Second-Largest Internet Auctioneer

Will Pay $1BN for Alibaba.com
By Jeremy Geelan
Article Rating:
August 11, 2005 04:00 AM EDT
Reads:
 17,851
Not for Yahoo! the slow boat to China. Instead, it's going to pay $1BN to China's second-largest Internet auctioneer, Alibaba.com, and thereby gain an instant foothold in the world's second-biggest online market after the United States.

"Yahoo's investment underscores our long term commitment to the Chinese market," Yahoo Chief Executive Terry Semel (pictured) said in a statement. "We believe the combination of Yahoo and Alibaba is the best approach for Yahoo to win in this region."

Reuters reports this morning that the Yahoo! move is one of a sequence of recent purchases by US firms of Chinese Internet firms:

"eBay entered China though a $180 million purchase of Shanghai-based EachNet. InterActiveCorp paid $168 million for 52 percent of Chinese online travel agent eLong. Online retailer Amazon.com purchased local player Joyo.com for $75 million, and online job search leader Monster.com bought a 40 percent stake in ChinaHR.com for $50 million."
Reuters also notes that Alibaba chief executive Jack Ma has denied a report in the Chinese media that Yahoo! would eventually buy all of his company.

Published August 11, 2005 – Reads 17,851
Copyright © 2005 SYS-CON Media, Inc. — All Rights Reserved.
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More Stories By Jeremy Geelan

Jeremy Geelan is Sr. Vice-President of SYS-CON Media & Events. He is Conference Chair of the all-new International Cloud Computing Conference & Expo series, of the International Virtualization Conference & Expo series, of AJAXWorld RIA Conference & Expo series, and of the long-running SOAWorld Conference & Expo series. He's founder of Cloud Computing Journal, Web 2.0 Journal, AJAX & RIA Journal and other leading SYS-CON titles. From 2000-6, as first editorial director and then group publisher of SYS-CON Media, he was responsible for the development of all new titles and i-Technology portals for the firm, and regularly represents SYS-CON at conferences and trade shows, speaking to technology audiences both in North America and overseas. He is executive producer and presenter of "Power Panels with Jeremy Geelan" on SYS-CON.TV.

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Most Recent Comments
Sinophilia 08/11/05 04:21:00 AM EDT

The Chinese market is nearly 120 million users, that's got to be worth chasing. No wonder Google snatched Microsoft's Chinese search dude.