Taobao Taiwan shuts e-commerce site as govt orders it to re-register

Photo: Pixabay

Taobao Taiwan shut its e-commerce site on Thursday after the government ordered the firm to re-register as China-backed or leave the island in a drive to step up scrutiny of Chinese firms amid rising tension with Beijing.

British-registered Claddagh Venture Investment, which runs Taobao Taiwan, said it had shut the e-commerce site due to “multiple uncertainties in the market”, but did not elaborate.

Claddagh said it would shut its Taiwan operation by the end of the year, adding that it would help merchants deliver existing orders to buyers.

“After cautious deliberations … the company has made a painful decision to stop Claddagh’s operation in Taiwan on December 31 this year,” it said in a statement.

In August, Taiwan said Claddagh was in effect controlled by China’s Alibaba Group Holding Ltd and gave it six months to divest or re-register as Chinese-backed rather than foreign, or leave the island.

Claddagh had said Taobao Taiwan did not come under Alibaba and was a different company from Alibaba’s Taobao China.

An Alibaba spokeswoman said the firm respected Claddagh’s decision. “Alibaba businesses are operating as normal in the Taiwan market, and we will continue to serve local consumers with quality products through our Taobao app.”

Democratic Taiwan, which China claims as its sovereign territory, has long been cautious of Chinese investments on the island. In August, it barred local sales for Chinese TV streaming services operated by the likes of iQiyi and Tencent Holdings.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.