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AOL reportedly pulling out of Chinese mainland
By Tong Hao (chinadaily.com.cn)
Updated: 2009-03-11 11:46

AOL, the Internet services company owned by Time Warner Inc, is withdrawing its business from the Chinese mainland due to the global financial crisis, reported Sina.com.

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AOL has announced worldwide staff cuts. Its 100 employees in Beijing will be officially dismissed this week, reported Sina.com, citing an anonymous insider of AOL China.

AOL set up a joint venture with Lenovo in 2001 and invested $100 million in establishing its Chinese-language web portal FM365.com. But the joint venture was closed down in 2004.

AOL returned to the Chinese market in April 2008 and launched its homepage, cn.aol.com.


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