EBay Steps Back From Asia, Will Shutter China Site

EBay Inc., in its second big pullback from Asia, is shutting down its main Web site in China and replacing it with a site that would be largely run by a Beijing-based Internet company, say people familiar with the matter.

The San Jose, Calif., company plans to announce as early as today that it is taking a 49% stake in the new site in partnership with online portal and wireless operator Tom Online Inc., these people say. Tom Online would hold the other 51%. Up until now, eBay had operated its own auction site in China.