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Last Updated: Thursday, 19 August, 2004, 15:07 GMT 16:07 UK
Amazon moves into Chinese market
The world's largest web retailer posted disappointing results in July
US internet giant Amazon.com is buying China's largest web retailer Joyo.com, in a deal worth $75m (41m).

Amazon is making its entry into the fast-growing Chinese market after several months spent searching for a suitable partner or acquisition target.

Joyo's principal activities are the sales of books, music, movies and toys on the internet at discount prices.

Analysts believe the Chinese deal is part of Amazon's efforts to maintain rapid revenue growth.

Seattle-based Amazon said it did not expect the deal to have a significant impact on its net sales or operating profits for the third quarter of 2004.

Meanwhile, executives at Joyo said this week that they expect its revenue to nearly double in 2004.

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