Sina Jumps on Yahoo! Pact
The companies will offer co-branded auction services in China.
Market darling
Sina
(SINA)
popped again Wednesday after the Chinese Internet portal disclosed a plan to offer auction services in a joint venture with
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Yahoo!
(YHOO)
.
The companies said they will set up an auction-based e-commerce platform for the sale of consumer goods by small and medium-sized businesses in China. The co-branded service should be available to Chinese Internet sellers and buyers by midyear 2004. No financial terms were disclosed.
Sina, which saw its shares quadruple in 2003, was recently trading at $47.81 on the Instinet premarket session, up $4.84, or 11%. Yahoo! was recently fetching $49.27 on Island, up from its Tuesday close of $48.80.
