today announced that it has entered into an agreement to acquire Limited, a British Virgin Islands Company, which operates the Web sites — and — in cooperation with Chinese subsidiaries and affiliates. The Web sites are the largest online retailers of books, music and videos in China. The transaction is valued at approximately $75 million, including approximately $72 million in cash and the assumption of employee stock options.

Founded in 2000, offers customers a wide selection of books, videos and DVDs, music, software, toys and gifts, among other products. Through this acquisition, will blend's expertise in serving the Chinese market with's experience as one of the world's leading online retailers. This combination will allow to improve its customer experience and grow its business.

"Becoming a part of the Amazon family is great news for our customers," said Lin Shuixing, president of Limited. " has always put the customer at the center of everything it does, and we look forward to making even better for our customers in the time to come."

"This transaction is a recognition of Joyo's accomplishments over the past four years," said Lei Jun, founder and chairman of and president of Kingsoft Holdings Limited, the largest shareholder of "I am confident that's expertise in global e-commerce, in combination with Joyo's entrepreneurial management team and employees, will bring the development of e-commerce and online customer experience in China to a new level." will become's seventh global Web site.'s entry into China will allow it to service the more than 80 million consumers already online in China.(1)

"We are very pleased to be entering the Chinese market with," said Jeff Bezos, founder and CEO of "In a relatively short time, has established itself as the leading online destination for books, music and videos in China, and we're happy to be part of one of the world's most dynamic markets."

"It is extremely gratifying to have a world-class company like recognize the value of's opportunity in China," said Liu Chuanzhi, chairman of Legend Capital, one of the largest shareholders of "We look forward to watching become even more successful as part of"

The transaction is expected to close in the third quarter 2004, although it is subject to customary closing conditions. does not expect the acquisition to have a significant impact on net sales or operating profit in third quarter 2004 or fiscal 2004.


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