"Why Jack Ma Separated Alipay In Alibaba’s Words"
Quoting from the site wsj.com Posted by:Dr Ahmed.M.Shaban In its latest filing with the U.S. Securities and Exchange Commission, Alibaba disclosed in more detail why the Alipay payment business had to be separated from the Chinese e-commerce giant back in 2011. Bloomberg The additional disclosure came ahead of Alibaba’s U.S.initial public offering , which could happen as early as next month. When Alibaba founder Jack Ma separated the Alipay payment unit from Alibaba Group and took it under his control in 2011, the move prompted objections from major shareholders like Yahoo YHOO +1.43% . At the time, Alibaba said the transfer ensured Alipay could get the license to continue its payment business in China. Yahoo at the time complained that it was blindsided by the transfer, while Alibaba said its board, which included Yahoo’s seat, had previously discussed the matter. Alibaba and Yahoo later reached an agreement on t...