Amazon Enters China

by Staff -- Publishers Weekly, 8/30/2004

After a few false starts, Amazon.com has secured a toe-hold in China with the acquisition of Joyo.com. Founded in 2000, Joyo is one of China's largest online e-tailers, selling books, music and videos, with books its largest segment. Amazon valued the deal at $75 million, including $72 million in cash and the assumption of $3 million in employee stock options. The acquisition is expected to close this quarter and will make Joyo Amazon's seventh global Web site. According to estimates from the China Internet Network Information Center, 80 million Chinese shop online.