1pai.com, an online auction site launched by Yahoo and Sina, is overtaking EBay in China, according to a report in Bloomberg: “EBay, the world’s largest Internet auctioneer, faces a threat to its No. 1 position in China, the biggest battleground after the U.S. in a global market for Internet-auctioned goods worth more than $30 billion. The value of goods sold in Chinese online auctions will more than quadruple by 2006 to $973.8 million, according to Shanghai iResearch, a Web research firm. ” The full story is here.