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Russian search engine opens Shanghai office
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YANDEX, the biggest Internet search engine operator in Russian, opened an office in Shanghai yesterday with the sole purpose of tapping into the cross-border e-commerce business in the world’s second-largest economy.
The Russian site plans to attract 10 times more Chinese e-commerce retailers for its shopping guide website, Yandex Market, in the next five years, mainly those into advertising and promotion business, said Yasha Geronimus, the director of sales and business development at Yandex Asia-Pacific.
Online-targeted advertising accounts for 91 percent of profits at Yandex with 7 percent coming from international advertising fees alone. The company posted US$7.6 million net growth in the second quarter of 2015, according to the company’s quarterly earnings report.
The Shanghai office will provide search promotion service and payment solution for Chinese clients as well, Yandex said.
“Chinese e-commerce giant Alibaba and JD.com entered Russia in the last few years, which proves the potential of the Russian market,” said David Tsai, director of sales and business development with Yandex China.
“As the information provider, Yandex needs to keep close to Chinese market as a strategic move,” Tsai said.
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