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12/08/2005
Yahoo forks out $1bn in Chinese e-deal
Web directory company Yahoo has forked out $1 billion for stake in Chinese e-commerce company Alibaba.com.
The outfit is China's largest e-commerce firm and the deal will give Yahoo around a 40% economic interest with a 35% voting share making it the largest single investor in Alibaba.com.
The combination will create one of the largest Internet companies in China, and place it in a leading position in the key growth sectors of business-to-business e-commerce, consumer e-commerce, online payments, communications and search.
Under various guises Alibaba has a substantial online holding among Chinese firms and, as shares in China's internet companies are increasing dramatically, the country's e-business sector is much in demand. Amazon recently paid $75 million for rival Chinese e-tailer Joyo.
Chairman and CEO of Yahoo, Terry Semel, said the investment underscored a long-term commitment to the Chinese market.
He said: "Together, we will create one of the largest Internet companies in China, and our combined assets will make us the only company that has a leading position in all the key sectors that are driving explosive Internet growth in China such as search, commerce and communications."
The business partnership model is the first of its kind for an Internet company in China.
Chairman and CEO of Alibaba.com, Jack Ma, said that the merger of Yahoo China with Alibaba.com's business would expand services to "provide a leading search offering to China's Internet users."
Alibaba.com has around 15 million business and consumer users, which includes over 100,000 business users who currently pay between $250 and $10,000 per year for Alibaba.com's online services.
According to Alibaba.com the B-2-B e-commerce sector is one of the fastest growing market segments in China.
Growth of around 95% is anticipated from 2004 to 2007 and the consumer e-commerce segment in China also has high growth potential estimated to become a $2.5 billion market by 2007.
(SP/KMcA)
The outfit is China's largest e-commerce firm and the deal will give Yahoo around a 40% economic interest with a 35% voting share making it the largest single investor in Alibaba.com.
The combination will create one of the largest Internet companies in China, and place it in a leading position in the key growth sectors of business-to-business e-commerce, consumer e-commerce, online payments, communications and search.
Under various guises Alibaba has a substantial online holding among Chinese firms and, as shares in China's internet companies are increasing dramatically, the country's e-business sector is much in demand. Amazon recently paid $75 million for rival Chinese e-tailer Joyo.
Chairman and CEO of Yahoo, Terry Semel, said the investment underscored a long-term commitment to the Chinese market.
He said: "Together, we will create one of the largest Internet companies in China, and our combined assets will make us the only company that has a leading position in all the key sectors that are driving explosive Internet growth in China such as search, commerce and communications."
The business partnership model is the first of its kind for an Internet company in China.
Chairman and CEO of Alibaba.com, Jack Ma, said that the merger of Yahoo China with Alibaba.com's business would expand services to "provide a leading search offering to China's Internet users."
Alibaba.com has around 15 million business and consumer users, which includes over 100,000 business users who currently pay between $250 and $10,000 per year for Alibaba.com's online services.
According to Alibaba.com the B-2-B e-commerce sector is one of the fastest growing market segments in China.
Growth of around 95% is anticipated from 2004 to 2007 and the consumer e-commerce segment in China also has high growth potential estimated to become a $2.5 billion market by 2007.
(SP/KMcA)
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