Yahoo’s investment in the Alibaba Group 6 years ago has pawned a series of fights between the two companies. Recently it was reported that Alibaba Group had transferred ownership of Alipay, the most popular online payment service in China, to a group led by libaba’s chief executive Jack Ma.
The move made Yahoo nervous for it would likely to erode the value of its 43% stake in Alibaba, which also operates separate eBay-style sites for businesses and consumers. Yahoo recently said that stake’s value of Alibaba had more than doubled to $2.3 billion, making it one of its most valuable assets.
Yahoo said that Yahoo itself and another investor, SoftBank, “are engaged in ongoing discussions” Hours after the deal of transferring ownership of Alipay, Yahoo’s shares fell nearly 6 % to $16.16.