ad info




TIME Asia
TIME Asia Home
Current Issue
Magazine Archive
Asia Buzz
Travel Watch
Web Features
  Entertainment
  Photo Essays

Subscribe to TIME
Customer Services
About Us
Write to TIME Asia

TIME.com
TIME Canada
TIME Europe
TIME Pacific
TIME Digital
Asiaweek
Latest CNN News

Young China
Olympics 2000
On The Road

 ASIAWEEK.COM
 CNN.COM
  east asia
  southeast asia
  south asia
  central asia
  australasia
 BUSINESS
 SPORTS
 SHOWBIZ
 ASIA WEATHER
 ASIA TRAVEL


Other News
From TIME Asia

Culture on Demand: Black is Beautiful
The American Express black card is the ultimate status symbol

Asia Buzz: Should the Net Be Free?
Web heads want it all -- for nothing

JAPAN: Failed Revolution
Prime Minister Yoshiro Mori clings to power as dissidents in his party finally decide not to back a no-confidence motion

Cover: Endgame?
After Florida's controversial ballot recount, Bush holds a 537-vote lead in the state, which could give him the election

TIME Digest
FORTUNE.com
FORTUNE China
MONEY.com

TIME Asia Services
Subscribe
Subscribe to TIME! Get up to 3 MONTHS FREE!

Bookmark TIME
TIME Media Kit
Recent awards

TIME Asia Asiaweek Asia Now TIME Asia story

FEBRUARY 28, 2000 VOL. 155 NO. 8

Shao Yibo
Eachnet.com

    ALSO IN TIME
Cover: China Dot Now
The world's last big communist state is hit by a wave of Web mania, and the bureaucrats are fighting to contain it
B2B: Joseph Tong casts a Web over Chinese exporters
Chortling: Wang Zhidong should have laughed last
Crazy Man: Jack Ma goes for the shrimp, not the whales
Princeling: Antony Yip finds the right sites
Geek Chic: Shao Yibo grows up fast
Regulation: How Beijing plans to control the Net

  RELATED STORIES
ASIAWEEK
Show Me the Stock Options!
Intoxicated by dot-com fever, sane folk are taking pay cuts and defecting to start-ups with trendy names. How long will the gold rush continue?

After the Bubble
Asia's technology stocks are defying gravity. Which companies will survive - and thrive - when the mania ends?

Asiaweek/CNN Asian Internet Index
Track our 20 Asian internet stocks

If the Internet attracts smart people, Shao Yibo comes with extra credits. Born in Shanghai, Shao was China's national math champion--not once, but two years running--before heading to Harvard to study physics. After graduation he joined Boston Consulting Group, which paid for him to get an M.B.A degree, also at Harvard. By then, he could join an investment bank, a private equity fund, return to BCG--anything he wanted. "I decided on China's Internet," he says, "because the timing was right."


Greg Girard/Contact Press Images for TIME

Shao, now 26, drew up the outline of a business plan for a Chinese auction site similar to eBay and took it to Silicon Valley last June. "In one day, I got funding commitments from four institutions," he says. "I only wanted to raise $100,000 but ended up with $400,000." He returned to Shanghai and in September set up Eachnet.com, now China's most popular online auction house. He calls it an auction site "with Chinese characteristics," since many transactions are never fulfilled. "A lot of people at this early stage are playing around. There is almost no sense of contract obligation." One item that does seem to sell well: mobile phones.

But investors are sold on the idea. At the end of last year Shao closed another round of funding, this time for $6.5 million. "I was planning to go to the U.S., but after one trip to Hong Kong I already had six venture capital firms that wanted to invest." With money like that swirling around, Shao has to focus on not losing his head--or his business. "I grew up a lot in the last year." So did his net worth.

Write to TIME at mail@web.timeasia.com

This edition's table of contents
TIME Asia home


AsiaNow


China's Hottest Websites

PORTALS
Sina.com The biggest, heavy on news
Netease.com E-mail provider turned portal
Sohu.com Lost early competitive advantage due to management problems

BUSINESS-TO-CONSUMER AND AUCTIONS
8848.net Online shopping with preexisting network of retail stores to deliver goods
Dangdang.com Online bookseller
Eachnet.com Leading auction site
Coolbid.com Auctions
Clubciti.com More auctions

BUSINESS-TO-BUSINESS
Alibaba.com Worldwide trading of products
Meetchina.com Online registry of Chinese exporters

ENTERTAINMENT
Zhaodaola.com Lifestyle portal
Globallink.com Fun online: chess, bridge, mahjong, strategy games
Chinanow.com City listings: restaurants, clubs, events
Myrice.com Collection of sites including soccer results, games, jokes, software

FINANCE
Homeway.com.cn financial information
Stockstar.com share price lists; part of shanghai.online

JOB SEARCH
Zhaopin.com Good source for openings at foreign firms
51job.com Listings of jobs at Chinese companies

Quick Scroll: More stories from TIME, Asiaweek and CNN


   LATEST HEADLINES:

WASHINGTON
U.S. secretary of state says China should be 'tolerant'

MANILA
Philippine government denies Estrada's claim to presidency

ALLAHABAD
Faith, madness, magic mix at sacred Hindu festival

COLOMBO
Land mine explosion kills 11 Sri Lankan soldiers

TOKYO
Japan claims StarLink found in U.S. corn sample

BANGKOK
Thai party announces first coalition partner



TIME:

COVER: President Joseph Estrada gives in to the chanting crowds on the streets of Manila and agrees to make room for his Vice President

THAILAND: Twin teenage warriors turn themselves in to Bangkok officials

CHINA: Despite official vilification, hip Chinese dig Lamaist culture

PHOTO ESSAY: Estrada Calls Snap Election

WEB-ONLY INTERVIEW: Jimmy Lai on feeling lucky -- and why he's committed to the island state



ASIAWEEK:

COVER: The DoCoMo generation - Japan's leading mobile phone company goes global

Bandwidth Boom: Racing to wire - how underseas cable systems may yet fall short

TAIWAN: Party intrigues add to Chen Shui-bian's woes

JAPAN: Japan's ruling party crushes a rebel at a cost

SINGAPORE: Singaporeans need to have more babies. But success breeds selfishness


Launch CNN's Desktop Ticker and get the latest news, delivered right on your desktop!

Today on CNN
 Search

Back to the top   © 2000 Time Inc. All Rights Reserved.
Terms under which this service is provided to you.
Read our privacy guidelines.