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Chinese auction is a type of the all-pay auction, where the probability of winning depends on the relative size of a participant's bid. [1] The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning. [1] It is also known as penny raffle, chance auction and tricky tray. [2] [3]
Beijing Hanhai (Chinese: 北京翰海; pinyin: Běijīng Hànhǎi), officially the Beijing Hanhai Auction Co., Ltd, is an auction house located in Beijing.Established in 1994, after the Chinese government began allowing the auction of relics, it grew under the management of Qin Gong to become one of the country's largest auction houses by 2003.
[1] [2] Chinese symbols often have auspicious meanings associated to them, such as good fortune, happiness, and also represent what would be considered as human virtues, such as filial piety, loyalty, and wisdom, [1] and can even convey the desires or wishes of the Chinese people to experience the good things in life. [2]
In 2003, eBay acquired Eachnet, China's online auction leader at the time, [7]: 51 for US$180 million. It became a major contender in the Chinese consumer e-commerce market. [8] Responding to eBay's moves Alibaba launched Taobao as a rival consumer-to-consumer platform. [7]: 51 To counter eBay's expansion, Taobao offered free listings to sellers.
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Chinese bakery products (Chinese: 中式糕點; pinyin: Zhōngshì gāodiǎn; lit. 'Chinese style cakes and snacks' or Chinese : 唐餅 ; pinyin : Táng bǐng ; lit. 'Tang-style baked goods') consist of pastries , cakes , snacks , and desserts of largely Chinese origin, though some are derived from Western baked goods.
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