Chinese Tech Stock Weekly Update - Alibaba TaoBao

Alibaba would introduce a new service in the next month but declined to give details. Taobao, which displaced eBay (EBAY) in China's fast-growing market, is a free service with 27 million users and is adding 60,000 each day. The site was one factor that pushed eBay to cut prices last year. Yahoo China was absorbed by Ma's company when Yahoo bought a 40 percent stake in Alibaba last year for US$1 billion.