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Yahoo is close to closing the largest foreign investment in China’s technology market. If successful, Yahoo will aqcuire a 35% stake in Alibaba for a price of $1 billion dollars.

A deal between the two would also challenge the Chinese operations of US online auction giant eBay. Alibaba offers similar auction site services.

Yahoo has already beaten off eBay in one East Asian market, having seen its online auction site in Japan become the main player.

[via The BBC]

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