On Wednesday, Yahoo told the US regulator that Alibaba transferred its ownership of payments system Alipay to a new company controlled by Alibaba chief executive and co-founder Jack Ma.
US-listed internet portal Yahoo has seen a 14.2% drop in its share price after its minority investment in China-based peer Alibaba Group was downgraded.
On Wednesday, Yahoo told the US regulator that Alibaba transferred its ownership of payments system Alipay to a new company controlled by Alibaba chief executive and co-founder Jack Ma.
Yahoo owns about 40% of Alibaba after selling its Yahoo China operations to its portfolio company in 2005 and has a seat on its portfolio company’s board…
