eBay is well-known in China as a platform for exporters seeking to sell Chinese-manufactured goods abroad, but it’s easy to overlook the fact that it has another “hidden” role as an importer.
eBay China News & Insights
eBay entered the Chinese market early with the acquisition of China's local e-commerce company Eachnet, who operated very similar to the eBay auction model. With the rise of Taobao from Alibaba, offering free product listings, it didn't take long for Eachnet to fall behind.
eBay China History
In August 1999, eachnet.com was founded in Shanghai by a Chinese entrepreneur fresh out of Harvard Business School.
In March 2002, eBay invested in $30 million in eachnet.com becoming strategic partners.
In July 2003, eBay acquired EachNet paying about $150 million in cash.
In 2004, eBay plugged EachNet into its global network.
In 2005, China online auction site Taobao.com, a branch of Alibaba.com, conducted transactions worth 9.7 billion yuan (about US$1.2 billion), beating eBay China to become the country’s leading online auction site.
In 2006, eBay launched a joint venture with the Chinese Internet company TOM Online.
In 2007, eBay China has two websites: eachnet.com for local auctions and eBay.cn for a global platform.
In April 2012, Eachnet was no longer an eBay company but wholly-owned subsidiary of Tom Group.
Recently, Wechat payment is discussing cooperation with some e-commerce websites on importing business and overseas e-commerce including eBay.