Word: taobao
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...task just got more complicated: Yahoo's intention to invest $1 billion for a 40 percent stake in eBay rival Alibaba-Taobao, a company that was already making life difficult for eBay in China, means the fight for control of the world's next great e-commerce market will be ?fierce,? as Yahoo! co-founder Jerry Yang acknowledged in an interview with TIME...
...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...