eBay Plans to Pull Back From Chinese Market
eBay plans to pull back from the fast-growing Chinese market by shutting down its main Web site in China and replacing it with a new site that would be largely run by a Beijing-based Internet company, say people familiar with the matter, in the latest sign of trouble afflicting the onetime Internet star.
Under the new arrangement, eBay will hold a 49% stake in the new site with Tom Group holding a 51% share. eBay does not plan to lay off any employees as part of the new setup.
The move could be read as a setback for eBay, which has...
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