Alibaba Group invests 2 bln yuan in online auction unit Taobao.com
07 Jul 2008
Xinhua Newsfeed
BEIJING (XFN-ASIA) - China's leading e-commerce company Alibaba Group, the parent of Hong Kong-listed Alibaba.com, has invested 2 bln yuan in online C2C auction unit Taobao.com.
In a statement on the group's web site, Ma Yun, CEO of Alibaba Group, said that the 2 bln yuan will help Taobao.com build a mature online C2C business chain.
"We will use up the entire 2 bln yuan within five years and we expect trading volume will surpass Ebay.com and Amazon.com in five years." Ma said.
According to the statement, Taobao.com has registered customers of 67 mln, and the site sees 10 mln clicks everyday.
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