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Article: ALIBABA BETS MORE ON TAOBAO.COM

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AsiaInfo Services
Article date:
July 8, 2008
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AsiaInfo Services
07-08-2008
Alibaba Bets More on Taobao.com

HANGZHOU, Jul 08, 2008 (SinoCast via COMTEX) -- Jack Ma, chairman of Alibaba Group, announced during the fifth anniversary celebration held on June 5 in Hangzhou that the group would invest additional CNY 2 billion in Taobao.com, the number one C2C e-commerce portal in China. The proceeds would be used for website upgrade, recruitment of talents, and marketing.

What is more, the chairman vowed that Taobao.com would outshine eBay to be the biggest e-commerce website in the world in the coming five years.

Plus the investment poured by the group previously, so far Alibaba Group has invested CNY 3.35 billion in Taobao.com.

The chairman ...

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