Alibaba.com Bought out Online Auction Site 1Pai
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[January 25, 2006]

Alibaba.com Bought out Online Auction Site 1Pai

(SinoCast Via Thomson Dialog NewsEdge)HANGZHOU, Jan 25, 2006 (SinoCast via COMTEX) --Chinese portal Sina has agreed to sell a 33% stake it takes in 1Pai, an online auction website in China, to the leading e-commerce website Alibaba.com, sources were quoted as saying.



Alibaba.com spokesperson said the two sides will ink an agreement in the afternoon of January 23. Nonetheless, some details like exact transaction value will be announced together by then.

After being absorbed by Alibaba.com, 1Pai will be combined with the C2C platform Taobao.com. However, the brand 1Pai will gradually fade out of people's sight.



The online auction website was co-established by Yahoo and Sina, two top Internet brands in the country, as a C2C platform at the beginning of 2004, and two companies separately took a 67% and a 33% stake in it.

With the acquisition of Yahoo.com.cn in the middle of 2005, Alibaba.com gained the 67% stake.

Because Taobao.com and 1Pai are supplementary to each other, many insiders believed that Alibaba.com will manage to buy out the rest 33% stake from Sina.

Alibaba.com's senior management including CEO Jack Ma aired on public occasions that they were in talks with Sina over the stake purchase.

From www.sznews.com, Page 1, Tuesday, January 24, 2006
info@SinoCast.Com

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