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The New York Times (December 19) reports that eBay is expected to close its main Web site in China and enter into a joint venture with a Chinese company instead. eBay will take a 49 percent stake in the venture, with Tom Online Inc., an Internet company based in Beijing, taking the majority share and administering the venture, yet to be named. Analysts were not surprised. "It's an admission that they failed in China, on their own at least," said Tim Boyd of Caris & Company. "But I think that's something the market already knew." The decision was also seen as a sign of the pressure the government puts on foreign companies to set up joint ventures.