China’s Online Auction Market Growing Rapidly
"Online auction site, Taobao.com, announced Wednesday that the value of the company’s third quarter transactions amounted to RMB 2.34 billion, a 41% increase from the previous quarter.
Taobao.com’s trading value in the first and second quarter reached RMB 1.02 billion and RMB 1.65 billion, respectively. This makes the free online auction site one of the fastest growing e-commerce websites in China. Ebay China, Taobao.com’s rival, refused to disclose its trading value in the second and third quarter.
China’s online auction market is growing rapidly – its total trading value increased 217.8% to RMB 3.4 billion in 2004 and is expected to grow 84% in the next three years."
China Net Investor: Taobao.com is the consumer auction site of China's largest e-commerce site Alibaba. (Yahoo has a 40 percent stake in Alibaba)
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