Gmarket Eclipses eBay in Asia

The California-based online seller is a "setting sun" in China and Korea, while Gmarketowned in part by Yahoois rising in the East

EBay (EBAY) may be the global powerhouse in the Internet auction arena, but it has struggled mightily in Asia. The $4.5 billion company, which pulled out of the Japanese e-commerce market a few years back, has just announced plans to lay off staff in Taiwan and lags badly behind a local rival in China. Now, eBay's most successful Asian operation is under assault from Korean upstart Gmarket, which is 10%-owned by arch-nemesis Yahoo! (YHOO). Gmarket is readying an initial public offering on Nasdaq, where its shares will be priced on June 28.

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