Gmarket Eclipses eBay in Asia
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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