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Dangdang Obtains Permission For Retail Sales
August 24, 2004 |
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Following Amazon.com's entry into the Chinese market with the acquisition of Joyo.com last week, Dangdang.com, a large online Chinese publications and video seller is determined to list overseas next year instead of 2007.
According to published reports, Dangdang has just obtained publication retailing permission from the State General Administration of Press and Publication. Amazon.com, even with its purchase of Joyo, apparently still does not have this permission for retail sales in China.
Dangdang claims Amazon.com contacted it as early as 1999 for cooperation. Amazon.com apparently offered US$150 million to acquire 70-90% of the Dangdang's shares, but the Chinese entity turned down Amazon.com.
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