Yahoo! (YHOO) Shares Slump as More Alipay Questions, Accusations Arise
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Yahoo! (Nasdaq: YHOO) is trading lower Wednesday following allegations it and Softbank Corp. failed as member's of Alibaba's Board.
Alibaba CEO Jack Ma said in a statement Tuesday, "Prior to the current negotiations, they exploited the imperfections of the company structure and engaged in stalling tactics... As shareholders, they were right but as directors, they were both wrong."
The comments follow Yahoo!'s recent claim it was unaware of the transfer of Alipay ownership.
While Ma claims the transfer of Alipay from Alibaba was necessary to expedite the application of an online payment provider license in China, one blog has alleged this may not be the case.
Ma believes although others have stuck with the VIE structure, this wouldn't work for Alipay. Alipay has a 46 percent share of online payment volume in China, followed by Tencent’s Tenpay at 20 percent.
Yahoo stock is down 2.4 percent to $14.78 Wednesday morning
Alibaba CEO Jack Ma said in a statement Tuesday, "Prior to the current negotiations, they exploited the imperfections of the company structure and engaged in stalling tactics... As shareholders, they were right but as directors, they were both wrong."
The comments follow Yahoo!'s recent claim it was unaware of the transfer of Alipay ownership.
While Ma claims the transfer of Alipay from Alibaba was necessary to expedite the application of an online payment provider license in China, one blog has alleged this may not be the case.
Ma believes although others have stuck with the VIE structure, this wouldn't work for Alipay. Alipay has a 46 percent share of online payment volume in China, followed by Tencent’s Tenpay at 20 percent.
Yahoo stock is down 2.4 percent to $14.78 Wednesday morning
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