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, reports the South China Morning Post.
The Shanghai-based company, which once had 70% 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.
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.
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