(Update 2) Softbank, Yahoo! Teaming Up on China Internet Biz
Posted on: Thursday, 11 August 2005, 18:00 CDT
Tokyo, Aug. 11 (Jiji Press)--Softbank Corp. said Thursday that it will join hands with U.S. Internet portal Yahoo! Inc. to strengthen its Internet business in the growing Chinese market.
Under the tie-up, Yahoo! will purchase a 40 pct equity stake in Alibaba.com Corp., a Hong Kong-based business-to-business online commerce service firm, for one billion U.S. dollars. Softbank is currently the top shareholder of Alibaba.com.
Alibaba.com will then take full control of Softbank unit Tao Bao Holding Ltd., a Hong Kong-based online auction firm, and Yahoo!'s Chinese subsidiary.
The date and other details of the business realignment will be decided later.
The number of Internet users in China has already topped 100 million and is expected to continue growing.
Softbank President Masayoshi Son told reporters here the same day that China's online market could catch up with, or even overtake, the Japanese market within 10 years.END
Source: Jiji Press English News Service
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