Yahoo! shares extended their slide on Friday amid tensions with Alibaba Group, the Chinese e-commerce giant in which the California Internet company holds a large stake. Shares in Yahoo! lost 3.61 per cent to close at $16.55 on Wall Street on Friday. Yahoo! stock began sinking on Wednesday on news that Alibaba had spun its online payment business, Alipay, out of the reach of the US-based Internet giant. Yahoo! filed paperwork on Tuesday notifying the US Securities and Exchange Commission that ownership of Alipay had been shifted to a Chinese company owned mostly by Alibaba chief executive Jack Ma. In the filing, Yahoo! said the transfer of ownership of Alipay was done without the knowledge or the approval of Alibaba's board of directors or shareholders. Yahoo! said the move was made in August although Yahoo! and another major Alibaba stakeholder, Japan's Softbank, were only informed of it in March. Alibaba rejected Yahoo!'s claims in a statement on Friday and said that … [Read more...] about Yahoo! shares sink on Alibaba tensions
Alibaba group ceo
SHANGHAI/HONG KONG (Reuters) - Trading in shares of Alibaba.com Ltd was halted on Thursday pending an announcement regarding its parent, Chinese e-commerce giant Alibaba Group, which reportedly plans to buy back the 40 percent stake in it held by Yahoo Inc. Sources told Reuters last month that Alibaba Group, founded by former English teacher and now billionaire Jack Ma, was looking to raise a US$3 billion loan, which it would use to buy back part of the Yahoo-held stake. The sources said Alibaba aimed to put together a group of 6-7 banks by early February. Thomson Reuters' LPC service reported last week that six banks - ANZ, Credit Suisse, DBS, Deutsche Bank, HSBC and Mizuho Corporate Bank - were forming a mandated lead arranger group to back that $3 billion financing, citing market sources. Yahoo's stake in Alibaba Group could be worth up to $13 billion, based on the $1.6 billion paid for a 5 percent stake in Alibaba by Yunfeng Capital, Silver Lake and other investors in … [Read more...] about Alibaba.com shares halted; Yahoo update?
When Jack Ma and his colleagues sat down in 2001 to lay out Alibaba's defining values, they named them after a martial arts technique drawn from Ma's love of kung fu novels and their heroic themes. But the corporate culture of China's biggest e-commerce company also draws heavily from Western values in a mix of East and West that Ma dubbed 'Hupan culture' after the apartment block in Hangzhou where he set up his business. These core values, now named the 'Six Vein Spirit Sword' - customer first, teamwork, embrace change, integrity, passion and commitment - shaped Alibaba Group Holding, which began as an online bulletin board for companies in Ma's Hupan Huayuan apartment complex in eastern China. … [Read more...] about The Alibaba culture: kung fu commerce with a dash of theater
SHANGHAI/NEW YORK – Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo Inc for US$7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing. Employees play table tennis inside the headquarters office of Alibaba (China) Technology Co. Ltd on the outskirts of Hangzhou, Zhejiang province in this May 17, 2010 file photograph. Yahoo Inc shares rose as much as 6.7 percent on May 18, 2012 after a report that it was close to selling part of its valuable stake in the Alibaba Group. Yahoo and Alibaba Group, the Chinese Internet group that runs e-commerce site Alibaba.com, are close to an agreement that could happen as soon as Monday, according to a report in All Things D, citing unnamed sources. Photo: Reuters Under the agreement, Yahoo will sell half its stake in Alibaba for at least $6.3 billion in cash and up to $800 million in new Alibaba preferred stock. The deal, announced in a … [Read more...] about Alibaba buys back 20 percent stake held by Yahoo for $7.1 billion
SAN FRANCISCO (Reuters) - Talks between Yahoo Inc and China's Alibaba Group over the U.S. Internet giant's Asian assets have hit an impasse, throwing their plans for a US$17 billion tax-free asset swap into question, according to sources briefed on the situation. The snag in negotiations came on the same day that activist investor Daniel Loeb, of hedge fund ThirdPoint, sought to install his own slate of directors on Yahoo's board, further highlighting the turmoil engulfing the one-time Web pioneer. Loeb, who has opposed Yahoo's previous efforts to strike a minority investment deal with private equity, disclosed plans to nominate former NBC Universal CEO Jeff Zucker, along with himself and two others, for Yahoo's board in a regulatory filing with the Securities and Exchange Commission on Tuesday. A collapse of the proposed Asian asset deal - referred to as a cash-rich split-off - would mark the latest setback for an erstwhile Internet leader struggling to turn its business around … [Read more...] about Yahoo-Alibaba talks falling apart: sources