SHANGHAI, Jan. 20 (Xinhuanet) -- Ebay, one of the world's largest e-commerce companies, announced here Thursday that it will invest 100 million US dollars in China in 2005, in a bid to earn a greater share of China's on-line trading market.
Meg Whitman, Chief Executive Officer of eBay, said the money will be put in Eachnet, the leading online trading community in China, because China has provided "stunning" opportunities for e-commerce traders.
Ebay invested 180 million US dollars to acquire a 33 percent interest in Eachnet on a fully diluted basis in July, 2004. Through this alliance, Eachnet has extended its e-commerce position in China, and eBay has gained a foothold in one of the world's largest growing Internet market.
Eachnet claims more than 10 million users and a trade volume of 3 billion yuan (about 361 million US dollars) in 2004.
Ebay set up a research and development center in Shanghai last year. Enditem