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Article: Alibaba.com announces USD 12 mln investment in Taobao.com, a two-month old C2C site in China.
- Article from:
- China Business News
- Article date:
- July 9, 2003
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Alibaba.com announces USD 12 mln investment in Taobao.com, a two-month old C2C site in China
Shanghai. July 9. INTERFAX-CHINA - Alibaba.com, a leading provider of online marketing services for importers and exporters, focusing on small- and medium-sized enterprises, announced official entry into China's C2C (consumer-to-consumer) market today in Shanghai. The company will invest RMB 100 mln (USD 12 mln) in a two-month old website, www.Taobao.com, which was set up by Alibaba.com during the SARS period.
Most local reports to date described the move of Alibaba.com as a kind of "show" or "being crazy," but Jack Ma, chairman of the company, said at a press ...