Auctionbytes-NewsFlash, Number 1094 - August 26, 2005 - ISSN 1539-5065
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Tencent Prepares to Take on eBay, Alibaba, in China
By Ina Steiner
AuctionBytes.com
Reading AuctionBytes: Tencent Prepares to Take on eBay, Alibaba, in China
Tencent Holdings will launch an online-auction service in China. Reports had surfaced earlier this summer that Tencent, China's largest instant messenger service provider, was testing a consumer-to-consumer marketplace (http://www.investors.com/breakingnews.asp?journalid=28799353 ). Now it's official, with the China Stock Blog quoting Tencent's recent investment call (http://www.chinastockblog.com/2005/08/tencent_prepare.html ).
Asia Media published an article from the August 25 issue of the South China Morning Post that reported Tencent Chairman Pony Ma plans to launch the online auction service by the end of this year (http://www.asiamedia.ucla.edu/article.asp?parentid=28892 ).
In related news, an Interfax headline reports Microsoft's Martin Wu will become CEO of eBay's operations in China.
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