Amazon China (Chinese: 亚马逊中国), formerly known as Joyo.com (Chinese: 卓越网), is an online shopping website. Joyo.com was founded in early 2000 by the Chinese entrepreneur Lei Jun in Beijing, China. The company primarily sold books and other media goods, shipping to customers nationwide. Joyo.com was renamed to “Amazon China” when sold to Amazon Inc in 2004 for US$75 Million. Amazon China closed its domestic business in China in June 2019, offering only products from sellers located overseas. History Original Joyo.com was founded by Lei Jun, Chinese entrepreneur and owner of Kingsoft, in May 2000. Kingsoft decided to make Joyo.com into an online bookstore in 1999. Joyo.com was originally a site offering programs for downloading onto desktop computers. It later became an online bookstore and was the second online retailer of books in China after DangDang. They continued to expand their inventory and was in 2003 considered to be one of the largest online retailers of media goods worldwide. Lenovo Group Ltd and Kingsoft Corp were shareholders of Joyo.com until Tiger Technology Management LLC entered the corporation by investing $52 million for about 20% of Joyo, making it the third largest stakeholder. Joyo.com primarily merchandised goods such as books, music and videos to consumer nationwide. In 2004 Joyo.com was acquired by the American multinational technology company Amazon.com Inc. The company was rebranded and renamed in October 2011 to Amazon China. Amazon made many changes to Joyo, like redesigning the website by adding categories and self-service features, as well as implementing new payment methods. Amazon also changed the webpage URL to http://z.cn, but continued to be hosted at www.amazon.cn. Amazon China sold foreign fashion brands, home interior, toys, personal care and technology to their Chinese customers. Amazon was planning on establishing operations in Shanghai's free trade zone. Acquisition Amazon.com Inc. acquired Joyo.com in August 2004 and was bought for approximately US $75 million, where about $72 million was paid in cash and $3 million in stock options. The acquisition deal also included control over other Chinese subsidiaries and partners owned by Joyo.com. Amazon.com Inc. was already present and operating in the US, Canada, France, Germany, Japan and the UK before they entered the Chinese market. At the time, Joyos headquarters were located in the British Virgin Islands. Amazon.com Inc.’s CEO, Jeff Bezos, expressed excitement over the acquisition, but recognized the challenges of entering the Chinese market. Though being fully owned by Amazon,