E-commerce platform Taobao Taiwan will stop services on the island by the end of this year after the local government two months ago gave the operator, a British-registered company called Claddagh Venture Investment, an ultimatum to register as Chinese-backed instead of foreign-owned or face closure.
“After careful evaluation, the company has decided to close front-end functions, such as order placement on the Taobao Taiwan platform, starting from 11am today,” according to a notice on the e-commerce’s website in Taiwan on Thursday.
Chinese e-commerce giant Alibaba Group Holding, which runs the popular Taobao platform for global customers including mainland China, the US, Southeast Asia and Taiwan, owns 28.8 per cent of the Claddagh venture, according to company information and data from Taiwan’s Ministry of Economic Affairs.
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