Amazon debuted in China in 2004 by acquiring Joyo.com, an online media seller, for $75 million. During its time in the country, substantial competition came from e-commerce giants Alibaba Group and JD.com. Amazon pushed its e-reader and tablet product offerings, but China's complex regulatory approval delayed their debut. In 2012, Amazon's market share held at around 15%, but it later plunged to less than 1%, according to iResearch. Amazon officially closed its China marketplace in 2019.