After more than two years of struggle, operations at AOLLegend, the first Internet joint venture in China, have ceased. AOLLegend was established in June 2001 in a bid to develop consumer interactive services for the fast-growing Chinese market. Legend and AOL took 51% and 49% stakes in the joint venture, respectively. It was capitalized at USD 200 mln, with each party contributing approximately USD 100 mln over time, as Interfax previously reported.
However, AOLLegend’s business remained slow, and the company never officially launched any commercial products.
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