Jack Ma, CEO of Alibaba, the parent company of online auction website Taobao.com, has told local media that Taobao will ultimately grab 70% online auction market share on the mainland.

His remarks, widely publshed by local media, are seen as a challenge to eBay (EBAY), which last year bought Chinese auction website Eachnet.com.

Even though eBay has enjoyed an upsurge in registered users and online activity, Ma says that his Taobao.com can soon gain a 70% hold of the market. He says that eBay's enhanced investment into the Chinese online auction space is great for developing the general market and Ma feels he can capitalize on that to push his businesses above the competition.

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