GM ends eBbay sale pilot
General Motors' pilot programme to sell cars on eBay has reached the end of its road, reports CNET News.
The automaker says it's concluding the programme as scheduled. Unveiled on 11 August, the eBay Motors pilot programme offered California auto buyers new GM cars, which they could either negotiate for or 'Buy it now' at the discounted selling price.
Initially set to expire on 8 September, the programme was extended by GM until the end of the month. The financial success of this pilot may be difficult to gauge. Earlier reports suggested that few sales were being generated. But GM discovered that tracking actual sales was more challenging than expected.
Newegg files for IPO
Newegg, a venture-capital backed online retailer of computer hardware and software, plans to raise up to $175 million in an initial public offering, according to a regulatory filing, states Reuters.
The Southern California-based e-commerce company, which runs the newegg.com Web site, said in a filing with the US Securities and Exchange Commission that it has been profitable every year since 2001 and generated sales of $2.1 billion in 2008.
Newegg said in the filing that it expects to face increased competition from other e-commerce sites, pointing to Circuit City Stores, the electronics retailer that went bankrupt last year, but whose Web site is still active.
Alibaba.com to acquire HiChina stake
Alibaba.com has entered into a share purchase agreement to acquire China Civilink, which operates in China as HiChina Web Solutions, in a deal that could be valued about $79 million in cash upon completion of two phases. The transaction is expected to be closed by end of the year, says CBR.
In a separate statement, business process services company Synnex said it was selling its estimated 79% controlling ownership in HiChina Web Solutions for about $60 million, subject to a 10% holdback.
HiChina Web Solutions is a provider of Internet application services to businesses, which covers domain services, hosting services, e-mail systems, Web site creation, as well as consultation services for e-commerce.
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