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By Hannah Kuchler in San Francisco and Arash Massoudi in New York
Any worries that Alibaba, China’s largest e-commerce company, would not be able to list its shares in the US appear to have been put to rest. The company, which is preparing for an initial public offering in the coming months, has received assurances from the New York Stock and Nasdaq that the partnership structure for its expected share offering will be permitted under the rules of both exchanges. According to media reports confirmed by a person familiar with the matter, Alibaba will now be able to go public with the structure that the Hong Kong Exchange refused to accept. NYSE, Nasdaq and Alibaba declined to comment. Read more
Kanbox offers free storage for documents, photos and other files, bringing Alibaba into competition with other Chinese heavyweights Tencent and Baidu, which offer similar services. The company raised $20m in Series B funding two years ago, so the acquisition value is likely to have been several hundred million dollars. Read more
Alibaba, China’s ambitious internet conglomerate, has spread its reach from e-commerce to finance, and now to internet television. Read more
The most interesting nugget in Yahoo’s second-quarter earnings presentation is arguably not the web portal company’s own performance; but rather that of Alibaba, the Chinese ecommerce company in which Yahoo holds a 24 per cent stake.
With Alibaba gearing up for its highly anticipated initial public offering, the eye-popping numbers revealed on Tuesday by Yahoo are a must read for any potential investors.
Shares in Sina Corp, the Nasdaq-listed Chinese online media group, rose nearly 21 per cent during trading on Monday after the company said it had agreed to sell 18 per cent of Weibo, its Twitter-like micro-blogging service, to Alibaba Group for $586m. The two came close to a similar deal five months ago. Now they have tied the knot.
Silver Lake has agreed to enter into confidential discussions with the US internet company, making it the latest private equity firm to go this route – and potentially robbing Alibaba and Softbank of an ally as they consider making a play for Yahoo themselves. But it’s still far too early to call it “game over”. Read more
Ebay chief executive John Donahoe said the Chinese government won’t let foreign-owned internet companies win in that country, but added PayPal will nonetheless bend to fit new rules and stay in the market. Read more
That spectre was raised on Friday by Jack Ma, head of Alibaba, as he announced his interest in buying Yahoo. After all the angst caused by US internet companies venturing into China in recent years, his declaration raises the possibility of an interesting reversal. Read more