US-based eBay announced plans to invest US$100m in China this year, as part of a push to expand its presence in the growing e-commerce market. The new funds will be directed at the company's China subsidiary EachNet, the Shanghai-based company which it took over in 2004 for US$150m. eBay has also established a research and development center in Shanghai. EachNet, launched in 1999 by two Chinese Harvard graduates, claims more than 10m users and 2004 transactions totaling US$360m.
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