Taobao Taiwan Says Goodbye
The Investment Commission in Taiwan determined that Taobao Taiwan was a China-based investment; a $13,700 fine was imposed.
Benjamin Wang
Oct 15,2020,21:18

Taobao Taiwan announced Thursday that it will shut down its service at the end of the year after it identified as a China-owned company.

Taobao, China's most popular mobile commerce platform operated by Alibaba Group Holdings Ltd. (NYSE: BABA; HKEX:09988) launched Taobao Taiwan in August 2018. Even though Taobao Taiwan is registered through its operator, U.K.-registered Claddagh Venture Investment, The island’s Investment Commission in Taiwan stated on August 24 that Taobao Taiwan was determined to be a China-based investment and a fine of NT$410,000 ($13,700) was imposed.

Taobao Taiwan’s App exceeded 2 million download times after the “11.11” shopping event in 2019, and it is growing steadily in the Apple Store and Google Play Store with a monthly growth rate of 15% to 20%.

Alibaba said, "Alibaba Group's business operations in the Taiwan market are smooth. We will continue to serve consumers in the Taiwan market through Taobao and provide high-quality goods."

It has been less than a year since the announcement of the closure to when Alibaba authorized the Claddagh Venture Investment to establish "Taobao Taiwan". The current number of employees in Taobao Taiwan exceeds 100 people.

Shares of Alibaba closed at $299.46, down $1.58 per share in New York today. The stock inched up 53 cents in aftermarket trading.

Topics :Alibaba; Taobao; Taiwan; China; U.S.
Read More
prev: Miniso Group Ends Debut in Red, But with $608 Million in Green.

California:2905 Stender Way #36,Santa Clara, CA 95054

New York:200 Vesey St Fl 24 New York, NY 10281