Chinese EBay Rival to Expand Globally

Taobao.com, the Chinese equivalent to eBay, plans to take their show on the road and open up globally. They hope to hit 1 billion global users eventually but right now they’re focusing on increasing the number of foreign products sold on their platform. Mmm bao….

Taobao, which charges no transaction or item posting fees, expects to break even this year, a spokeswoman said. The company reported a ballooning transaction volume of 80.9 billion yuan (US$11.8 billion) in the first half of the year but draws most of its revenue from advertising.

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