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Alibaba Invests 350 Million To Assist Taobao In Challenge From eBay
July 21, 2004 |
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Reports in the local media state that e-commerce website Alibaba has announced that it will invest another 350 million CNY after already investing 100 million CNY in Taobao.com, an affiliate it set up a year ago.
Alibaba hopes to defend Taobao against a possible attack from the global e-commerce giant eBay and EachNet, the latter's affiliate. Alibaba obtained the 350 million CNY from profits earned in the first half of the year and from early financial preparation.
The funds will go towards improving Taobao.com's online transaction safety system, payment system and service system. With all these improvements, Alibaba is hoping Taobao.com will grow in market popularity. Alibaba will also provide employees and material resources to assist Taobao.com in building up its' credit and service systems. Alibaba has already sent 30 personnel to Taobao.com to help develop business tactics.
Taobao.com declared on its one year anniversary that it would continue its free policy and challenged competitor EachNet to do the same.
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