eBay takes control of EachNet

eBay, which paid US$30m for a 33 per cent stake in the internet firm EachNet, said it was negotiating to
acquire the remaining 67 per cent later this year. An eBay spokesman said that Delaware-
based EachNet, which operates in China through local subsidiaries. is privately held and
not profitable.
The deal would give eBay a greater foothold in the Chinese market, which
the company forecasts would have 86m internet consumers by the end of this year. The
company expects that e-commerce revenue there will grow to more than US$l6bn by
2005.