Jack Ma optimistic to resolve dispute over Alipay's ownership

A woman walks past the reception of Alipay at its headquarters in Hangzhou, capital of east China's Zhejiang Province, June 8, 2011. Jack Ma, chairman and chief executive of Alibaba Group said he is optimistic to reach an agreement with Yahoo Inc. in resolving a dispute over the ownership of the online payment service Alipay. Earlier last month, Yahoo, the largest stakeholder of Alibaba said the ownership of Alipay, Alibaba's online payment platform, had been shifted to a Chinese firm owned mostly by Alibaba chairman Jack Ma without the knowledge or approval of Alibaba's board of directors or shareholders, which also include Japan's Softbank Corp. Jack Ma of Alibaba said Yahoo and Softbank were informed of the transfer of ownership and it was done to comply with Chinese licensing regulations and deemed necessary to ensure it was licensed in China. Alipay, the Chinese e-commerce giant's key online payment service was among the first group to be granted the Payment Transaction License from the People's Bank of China, China's central bank, to conduct online payments on May 26, 2011. On the same week Yahoo CEO Carol Bartz reassured stock market analysts that Yahoo would be "appropriately compensated" for the loss of Alipay from its investment portfolio. Currently Yahoo owns a 43% stake in Alibaba while Japanese Softbank holds a 29.3%. (Xinhua/Huang Zongzhi)


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