By Will Sturgeon, 18 March 2002 11:15
NEWS Online auctioneer eBay has made further inroads into the Asian markets by buying a 33 per cent stake in Shanghai's EachNet. The deal marks the company's first foray into China. The deal follows the $9.5m purchase last month of Taiwan's NeoCom. While NeoCom was seen as providing a strong foothold in Asia and, importantly, a way in to China, the deal with EachNet cements eBay's position as a major force within the Chinese market, which analysts are pointing to as the area with the greatest growth potential. According to the BBC, eBay's president Meg Whitman believes the Chinese ecommerce market will grow twelvefold to be worth $16bn within four years. eBay was forced to pull the plug on it's Japanese operation after failing to gain market share from Yahoo! Japan which dominates in the country.
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