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Chinese e-commerce firm Eachnet.com to close operations after 23 years – South China Morning Post

Chinese e-commerce firm Eachnet.com to close operations after 23 years – South China Morning Post

Chinese consumer e-commerce platform operator Eachnet.com to cease operations after 23 years amid tough market competition Eachnet.com, formerly a leading Chinese consumer goods auction site that was acquired by eBay, will cease operations after 23 years in business, making it the latest casualty of aggressive competition in the world’s biggest e-commerce market.The Shanghai-based company, which once had 70 per cent of China’s consumer online sales market, will shut down transactions on all its online stores and close the platform’s servers before August 12 because of a “change of operations”, according to an announcement posted on the site by operator Shanghai Yingshi Information Technology Co.Users will not be able to register, log in, or recharge accounts after that date, according to the announcement earlier this month.Eachnet was founded in August 1999 by Harvard University graduates Bo Shao Yibo and Tan Haiyin, who looked to create an online platform like eBay that would match buyers and sellers of consumer goods.A Chinese worker checks her computer at eBay Eachnet’s offices in Shanghai on September 16, 2004. Photo: ReutersThe e-commerce start-up’s early success in China had attracted eBay, which paid US$30 million in 2002 to own a 33 per cent stake in the company. The… 

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