China's Online Auction War Rages On: 1pai General Manager Zhen Zhaodong Resigns

From Pacific Epoch: 1pai GM Zhen Zhaodong Resigns

"Yahoo founder Jerry Yang announced at an employee conference on May 13 that 1pai general manager Zhen Zhaodong will resign soon, reports China Business News quoting an 1pai insider. 1pai is Yahoo China and Sina's (Nasdaq: SINA) online auction joint venture. Zhen confirmed the report with China Business News. (...) An insider revealed that Yang believes 1pai's development has been too slow. According to 1pai statistics, total active listings have surpassed 700,000 items and the value of daily transactions was over two million Yuan in February 2005."

China Net Investor:
"To take on EBay in the world's most populous nation, Yahoo formed 1Pai.com in January 2004 with Shanghai-based Sina Corp. (China's biggest Internet portal). But so far 1Pai has been a distant third in China's auction market. The largest challenger to EBay in China is Taobao.com, an auction site founded 16 months ago by China's B2B giant Alibaba.com and Softbank of Japan.

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