eBay China Shutting Down To Take on New Venture
eBay Inc is shutting down its main Web site in China and replacing it with a site that would be largely run by a Beijing-based Internet company, the Wall Street Journal reported, citing people familiar with the matter.
eBay (nasdaq: EBAY – news – people ) plans to announce as early as today that it is taking a 49 pct stake in the new venture in partnership with online portal and wireless operator Tom Online Inc (nasdaq: TOMO – news – people ), which will hold the other 51 pct, the report said.
eBay scaling back China ops; may announce new minority-held JV today – report – Forbes.com
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