Yahoo Buys 10% of Alibaba Public Company

by hunk on 2007-10-10 10:05:45

Yahoo! is going to purchase 10% of the shares of Alibaba. It is fiercely competing with Google and Baidu for the Chinese Internet market.

Yahoo! will acquire 10% of Alibaba's listed shares in Hong Kong Special Administrative Region, China. Alibaba's IPO is expected to raise approximately 1 billion US dollars.

Yahoo! already owns about 40% of Alibaba's shares. Alibaba dominates China’s B2B market with a 69% market share. Industry analysts believe that with Yahoo!'s support, Alibaba's advantages will be even more pronounced. Kelvin, a partner at a private equity fund, said that Alibaba is the leader in China's B2B market. With Yahoo!'s backing, Alibaba will be able to more easily increase its market share.

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