Alibaba Ups Investment in Auction Site to US$732 Million
Paragraphs one and two of the story "Alibaba ups investment in auction site to US$732 million" incorrectly state the amount of the investment in Chinese yuan. The correct amounts are 5 billion and 2 billion yuan, respectively.
The story has been corrected on the wire and the two paragraphs now read as follows:
Alibaba.com will invest 5 billion yuan (US$732 million) in its popular Taobao consumer auction site over the next five years in an effort to shore up the company's lead in the local e-commerce market and help create new jobs, the company said Wednesday.
The company had originally announced a 2 billion yuan investment earlier this year, but felt that recent economic events created "a greater opportunity," and therefore chose to invest more, said Taobao President Jonathan Lu in an interview. "We need to be a responsible company, responsible to our users, to our sellers and to our shareholders," he said.
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