Word: taobao
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Dates: during 2000-2009
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...Shanghai sojourn is not business as usual to anyone who is anyone in the booming e-commerce market in China. That includes the CEO of the local company giving eBay fits there, Yun (Jack) Ma of Alibaba-Taobao. On Aug. 8, the Alibaba-eBay competition ceased being a David vs. Goliath battle. Ma announced he was selling a 40% stake in his company to Yahoo! for $1 billion...
...says he and Yang started talking seriously about a deal in May. The key to it, Ma says, is that it gives Alibaba a strong position in four growth segments: business to business, consumer sales, online payments and now, with Yahoo!, search. "When we started Taobao, even our own chief technology officer said, 'Jack, you are crazy. Don't forget eBay.' But we passed eBay in China in just two years." Whitman, for her part, could not have been surprised by Yahoo!'s entrance into China. "Given how quickly the Internet and e-commerce market is exploding in China...
...Shanghai sojourn is not business as usual to anyone who is anyone in the booming e-commerce market in China. That includes the CEO of the local company giving eBay fits there, Jack Ma of Alibaba-Taobao. On Aug. 8, the Alibaba-eBay competition ceased being a David vs. Goliath battle. Ma announced he was selling a 40% stake in his company to Yahoo! for $1 billion...
...company Yahoo! is buying into, Alibaba, is already a profitable business-to-business e-commerce site. (The company is privately held - it plans to go public next year - and doesn't publicly disclose financial results.) The more direct competitor to eBay, called Taobao (?searching for treasure? in Mandarin) isn't yet profitable, but according to Yang is a ?great franchise in the making.? Both sites were started and are run by 40-year-old internet entrepreneur Jack Ma, who will remain in charge. ?This is definitely an arrangement where we think have great assets coming together, but this (deal) would...
...date Ma has reveled in playing David against Meg Whitman's Goliath - even though Taobao surpassed eBay in the second quarter of this year in terms of the value of transactions done on its site. Now that Yahoo! is giving him $1 billion to go after Whitman and eBay, his 'David' days are over. But the fight for the world's next great e-commerce market had just begun...