Is Amazon calling it quits after 15 years in China?

Business & Technology

Pandaily reports:

Amazon will be exiting China and releasing an official statement on the matter this week, as insiders have told Chinese media. Actual date of disclosure is unknown. Numerous Amazon China employees have already begun to look for new job opportunities.

Amazon won’t be withdrawing from China completely. Its Kindle business sector will likely remain, while every other sector including its major e-commerce arm will be pulled out.

Amazon entered China in 2004 by acquiring local ecommerce site Joyo for $75 million. By 2008, Joyo’s market share was about 15 percent. The company rebranded as Amazon China in 2011, but that did not help its declining business: In 2018, Amazon China had only 0.6 percent of China’s ecommerce market.