News this week: Yahoo announced last week in a filing with the U.S. Securities and Exchange Commission that the Alibaba Group has transferred the assets of its subsidiary Alipay, into a separate company owned by Alibaba Group chairman, Jack Ma.
The Alibaba Group’s management stated that the move was required in order to comply with Chinese licensing laws governing foreign ownership of payment service companies. Alibaba’s management also stated that the change in ownership had been discussed several company board meetings over the past three years. Financial details of the transfer were not disclosed. The transfer reportedly occurred in August 2010.
Speaking at an Alibaba.com shareholders’ meeting in Hong Kong, Ma claimed that all major shareholders were informed about the transfer and that the transfer was “100% legal and 100% transparent.” Meanwhile, according to an Alibaba company spokesman, Jerry Yang, Yahoo co-founder and current board member of Alibaba Group, was present at these Alibaba Group board meetings.
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