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August 09, 2005
Quest for Chinese web real-estate
Just days after Baidu.com's successful IPO in the US, Yahoo according to Wall Street Journal story is planning purchase of Alibaba, an Internet-based eCommerce company.
Alibaba operates business-to-business eCommerce sites connecting small and mid size wholesalers, manufacturers and other sellers in China.
With almost 20% of the world population,(1.3 billion, July 2005 est), a fast growing middle class the China is destined to be the largest market of cell phones by 2008 according to Nokia CEO.
Western investors bid up Chinese search site Baidu's shares four-folds on the first day of the IPO from its $27-a-share offer price to $122.54 on NASDAQ.
Posted by admin at August 9, 2005 07:17 AM