马云夺回阿里巴巴控制权 称选择不完美但正确

i4aRainbow Mandarin 彩虹汉语

如果今天的局势不改变，我们永远没有光明的未来，我们感谢昨天，但是要追求更好的明天i4aRainbow Mandarin 彩虹汉语

七年时间，一场巨变。i4aRainbow Mandarin 彩虹汉语

5月21日，阿里巴巴(微博)集团与雅虎联合宣布，双方已就股权回购一事签署最终协议：阿里巴巴集团将动用63亿美元现金和不超过8亿美元的新增阿里集团优先股，以总共71亿美元的代价回购雅虎手中持有阿里集团股份的一半，即阿里巴巴集团股权的20%。如果未来阿里巴巴集团进行整体IPO，阿里巴巴集团有权在IPO之际回购雅虎剩余持股的50%。i4aRainbow Mandarin 彩虹汉语

七年之前，2005年8月11日，雅虎与阿里巴巴集团在北京联合宣布，雅虎以10亿美元加上雅虎中国的全部资产获得阿里巴巴集团39%的股权。当时的雅虎虽不处于鼎盛时期，可依然是国际互联网当之无愧的巨头，市值近500亿美元。而马云(微博)创办阿里巴巴只有六年，淘宝刚刚成立两年，支付宝(微博)刚过周岁，正处于事业上升期。i4aRainbow Mandarin 彩虹汉语

七年之后，阿里集团的实力在快速提升，而雅虎的实力却在加速下降。雅虎面临的困境包括营收滑坡、裁员、缺乏创新、管理层重组和高管流失。此时，雅虎的总市值仅180亿美元，而阿里巴巴集团的估值为350亿美元。i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
交易大于人情i4aRainbow Mandarin 彩虹汉语

杨致远与马云私交甚好，当初在实力悬殊的情况下，杨致远向马云伸出援手，人情占了不小的成分。当时阿里巴巴除了雅虎，还有一些潜在的谈判对象。但马云认为，一个合作的达成，一定不光是钱的问题，会有其他因素考虑在内。i4aRainbow Mandarin 彩虹汉语

因为人情而发生的这笔交易，经过七年的发酵，对双方都变得至关重要。打仗要有弹药，这笔钱让阿里巴巴做了以前想做而做不了的事情，发展速度更快。淘宝在2006年把eBay(微博)赶出中国，2007年的阿里巴巴B2B业务香港上市，都有这十亿美元的功劳。而对于雅虎，10亿美元投资已经增值超过十倍。i4aRainbow Mandarin 彩虹汉语

因为人情，交易初期双方的沟通和互动可谓良好，马云忙着把企业做大，杨致远坐等分享投资成果。但随着微软(微博)雅虎洽购案中杨致远的黯然离职，素有“铁娘子”之称的巴茨成为雅虎新舵主，双方和谐的局面被打破。i4aRainbow Mandarin 彩虹汉语

2009年1月，卡罗尔·巴茨上台，雅巴之间的矛盾公开激发出来。3月，巴茨公开指责马云没做好雅虎中国。当年9月，当阿里巴巴集团忙于庆贺自己的十周年之际，雅虎毫无预警地出售了持有的1%的股权，以此套现1.5亿美元的现金，以缓解雅虎的经营困境。这一出售给阿里的庆生会带来负面的冲击。i4aRainbow Mandarin 彩虹汉语

此后双方摩擦不断。比如在2010年1月，谷歌(微博)退出中国事件上，身在美国的雅虎公司公开表示力挺谷歌，而阿里巴巴则针锋相对：“雅虎就谷歌事件做出的声明和支持谷歌立场的表态，是在缺乏事实为证据的情况下做出的草率行为。阿里巴巴对此并不同意。”再比如，2010年9月，在阿里巴巴每年最重要的网商大会期间，雅虎香港总经理蔡宝德表示，雅虎正在考虑吸引内地客户到雅虎香港网站投放广告。阿里巴巴发言人则表示：“如果雅虎确实在中国客户上与阿里巴巴竞争，我们将根据该举动及其隐含的意图重新评估与雅虎的合作关系。”时任阿里巴巴B2B首席执行官的卫哲(微博)言辞更激烈：“不再拥有搜索引擎技术的雅虎只是一个金融投资者，阿里巴巴已不再需要雅虎。”i4aRainbow Mandarin 彩虹汉语

2010年10月是一个重要节点。雅虎投资满五年，雅虎在阿里的投票权将从35%增至39%，而马云等管理层的投票权将从35.7%降为31.7%，软银保持29.3%的经济权益及投票权不变。此前，马云一直把杨致远的雅虎当做金融投资者。但此时，巴茨掌管下的雅虎作为单一最大股东，已经成为阿里控制权的最大威胁。马云表示，虽然雅虎是大股东，但自己会掌控阿里未来。“你是这个企业的父母，你要掌握这个企业的未来。股东永远是第三位，(资本)永远是舅舅，买奶粉的钱不够就借一点。”i4aRainbow Mandarin 彩虹汉语

巴茨在雅虎CEO职任上两年多的时候，这期间雅虎与亚洲合作伙伴的关系已降至冰点，这也促使马云下定决心夺回控制权。i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
支付宝事件成为双刃剑i4aRainbow Mandarin 彩虹汉语

当初的10亿美元，如今的估值在不断发生变化。变化的因素一方面是因为阿里巴巴集团不断做大，另一方面因素是雅虎的衰败，这笔投资对于雅虎的意义越来越大。所以，阿里巴巴回购股份的谈判并不顺利。i4aRainbow Mandarin 彩虹汉语

据公开信息显示，2010年5月阿里巴巴欲回购股份遭雅虎拒绝。这一信息后来得到阿里巴巴方面的确认。另一个未经确认的信息显示，在2010年年底，雅虎拒绝了马云提出以35亿美元回购前者所持阿里巴巴15%股权的要约。i4aRainbow Mandarin 彩虹汉语

事情的转折点是2011年爆发的支付宝事件。5月11日雅虎提交给美国证监会的文件中披露，阿里巴巴集团已经将支付宝的所有权转让给马云控股的另一家中国内资公司。雅虎声明，该公司曾于3月31日接到阿里巴巴集团关于“支付宝股权转移”的通知，但此举尚未知会阿里巴巴董事会或股东(包括软银)，也没有得到批准。雅虎“被迫”开始与阿里巴巴就支付宝股权问题谈判，并于两个月后达成协议：支付宝控股公司承诺在上市时予以阿里巴巴集团一次性现金回报，回报额为支付宝在上市时总市值的37.5%(以IPO价为准)，回报额将不低于20亿美元且不超过60亿美元。i4aRainbow Mandarin 彩虹汉语

马云的说法，将支付宝股权转移是为了满足中国政府对第三方支付企业的要求，跟雅巴之争没有关系。马云此一役让其在“雅巴之战”中赢得了更大主动权。i4aRainbow Mandarin 彩虹汉语

负效应是让马云背上“背叛契约”骂名。而且，因为马云将VIE潜规则公开，使得中概股在海外受到很大的冲击，马云也因此受到不少国内同行的责难。i4aRainbow Mandarin 彩虹汉语

支付宝事件让双方都开始更冷静思考。雅虎似乎清楚自己虽然拥有最多的股权，但仍然无法控制这家中国企业，将自己股权利益最大化，或许是明智的选择，而不是妄图再去争夺控制权。i4aRainbow Mandarin 彩虹汉语

双方冷静下来之后，谈判的焦点就在于价钱和支付的方式，这也促成今天这份比较合情合理的分手协议书。i4aRainbow Mandarin 彩虹汉语

分手协议i4aRainbow Mandarin 彩虹汉语

2012年1月4日，雅虎任命Paypal总裁斯科特·汤普森为雅虎新一任CEO。紧跟着雅虎联合创始人杨致远辞去公司全部职务，同时从阿里巴巴集团董事会离职。杨致远的离开，将使阿里巴巴集团董事局主席马云收回公司控制权的交易发生新的变数。外界认为，人事变动会让该公司对各种战略选择将持有更加客观和理智的态度。高盛互联网行业分析师希斯·特里(Heath Terry)对此表示，这是一个积极的信号，它标志着雅虎正准备采取必要措施，认清其亚洲资产的价值。i4aRainbow Mandarin 彩虹汉语

2月9日，阿里巴巴B2B在香港停盘，私有化B2B业务，并开始整合集团业务，以期实现整体上市。虽然马云并不承认此事与回购雅虎股份有任何关联，但阿里巴巴作为一个整体与雅虎进行下一轮的谈判，避免在一个一个有价值的子公司上纠缠不清。同时，雅虎与阿里巴巴谈判再度中止的消息传出，并有消息称阿里巴巴将对雅虎反向收购。i4aRainbow Mandarin 彩虹汉语

此后，双方开始谈判加速，尽管5月18日雅虎CEO斯科特·汤普森因学历造假事件辞职，也没有影响双方“离婚协议书”的最终签定。i4aRainbow Mandarin 彩虹汉语

阿里巴巴与雅虎分手协议书的基础是将阿里集团整体估值定为350亿美元。有消息人士告诉《中国经营报》记者，350亿美元与去年下半年马云向外部投资者进行的转让交易相关的估值相近，“是按照上一次DST购买员工的估值来的。”这一估值得到业界普遍认可。i4aRainbow Mandarin 彩虹汉语

“这是一个不完美但最正确的选择。”马云说。i4aRainbow Mandarin 彩虹汉语

此次20%股权付出71亿美元的代价。未来阿里巴巴集团整体上市后，雅虎手中保留的20%股份将会进一步升值，超出71亿的价值。i4aRainbow Mandarin 彩虹汉语

易观分析师齐剑哲认为，虽然分给雅虎的总财产不少，但这次交易中的隐性收益还是非常高的，最重要的是夺回控制权，而且不必每年再向雅虎巨额分红。“回购越早越好。”控制权才是马云最想要的东西。i4aRainbow Mandarin 彩虹汉语

其实在雅巴之争的过程中，更让马云体会到控制权的重要性。近两年的雅虎是一个权力分散的董事会，没有合力，更没有统一的目标。在事件的整个过程中，董事会不断出现意见分歧，并且不断被投资者指责。而在马云掌控下的阿里巴巴集团则完全相反，目标与行动一致，这也是他虽然股权处于弱势，但依然能够平等与雅虎谈判的重要原因。i4aRainbow Mandarin 彩虹汉语

接下来，马云的难题主要将是短期内解决资金来源。此次回购需要63亿美元现金，阿里巴巴B2B私有化需要近30亿美元现金，近百亿美元的需求压在马云身上。i4aRainbow Mandarin 彩虹汉语

“阿里巴巴私有化正在加速进展，30亿美元贷款在5月14日已得到超额认购。回购雅虎股份的钱主要通过自有部分资金、借贷、股权和股权关联融资筹措。阿里巴巴强劲的现金流将为我们借贷提供支持。”阿里巴巴集团发言人陶然不肯透露更多的资金筹措细节。i4aRainbow Mandarin 彩虹汉语

5月25日，阿里巴巴在香港上市的B2B公司宣布了83.8%的股东投票通过私有化计划的结果而停牌，具体复牌日期末公布。i4aRainbow Mandarin 彩虹汉语

对于阿里巴巴的筹资状况，我们将持续关注。i4aRainbow Mandarin 彩虹汉语

资料 i4aRainbow Mandarin 彩虹汉语

事件进展中马云的态度i4aRainbow Mandarin 彩虹汉语

2010年10月12日，马云首次对控制权事件进行表态：i4aRainbow Mandarin 彩虹汉语

虽然外资是阿里巴巴的大股东，但是外资不会控制阿里巴巴，我们会掌控阿里巴巴的未来。没有资本，可能阿里巴巴的发展不会那么顺利。但是如果没有我们的价值体系，没有员工的点点滴滴，没有对未来的把握和社会的感恩，就不可能有我们的阿里巴巴。i4aRainbow Mandarin 彩虹汉语

资本家永远是舅舅，你是这个企业的父母，你要掌握这个企业的未来。股东永远是第三位，(资本)买奶粉的钱不够就借一点。i4aRainbow Mandarin 彩虹汉语

2011年，马云在斯坦福大学演讲表示：i4aRainbow Mandarin 彩虹汉语

雅虎在2005年给阿里巴巴的投资，是对双方都有利的。没有雅虎美国的投资，我们不会有今天的成功。因为我们不仅需要钱去解决公司的问题，我们还需要用钱去解决创业投资者的问题。没有跟雅虎的这笔交易，我们永远无法在跟大公司的合作中学习东西。比如大公司存在什么样的问题，我们如何从中提高自己。i4aRainbow Mandarin 彩虹汉语

但如果今天的局势不改变，我们永远没有光明的未来。我们必须做一些改变，公平地说，我们感谢昨天，但是要追求更好的明天。i4aRainbow Mandarin 彩虹汉语

2012年5月，双方谈判结束时，马云表示：i4aRainbow Mandarin 彩虹汉语

此次交易将为阿里巴巴集团建立一个更加平衡的股权结构，协助公司业务在将来跨上新的台阶。i4aRainbow Mandarin 彩虹汉语

 i4aRainbow Mandarin 彩虹汉语

If today's situation does not change, we will never have a bright future is not provided, the, We are grateful for yesterday, but the pursuit of a better tomorrowi4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Seven years of great change.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
May 21, Alibaba (microblogging) Group and Yahoo announced they have signed a share repurchase was signed a final agreement: Alibaba Group will spend $ 6.3 billion in cash and not more than $ 800 million preference shares of the new Ali Group the cost of a total of $ 7.1 billion to repurchase Yahoo holding the hands of half of the Ali Group shares, ie 20% of the equity of the Alibaba Group. If overall the IPO of Alibaba Group, Alibaba Group is entitled to 50% of the remaining holdings of the IPO on the occasion repurchase Yahoo.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Seven years ago, on August 11, 2005, Yahoo and Alibaba Group in Beijing announced that all of the assets of Yahoo China, Yahoo $ 1 billion plus 39% stake in Alibaba Group. Yahoo, though not at its peak, you can still deserved the giants of the Internet, the market value of nearly $ 50 billion. Ma (microblogging), founder of Alibaba only six years, Taobao has just been established for two years to pay Bao (microblogging) just over years of age, is in the cause of rising.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Seven years later, the Ali Group's strength improved rapidly, while Yahoo's strength in accelerating the decline. Yahoo faces the plight of revenue landslide, layoffs, lack of innovation, management restructuring and the loss of executives. At this point, Yahoo's total market capitalization of only $ 18 billion, the Alibaba Group was valued at $ 35 billion.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Transaction is greater than humani4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Very good personal friend of Jerry Yang and Ma had an unequal, Jerry Yang, to lend a helping hand to Ma, and human accounted for a small component. Alibaba in addition to Yahoo, there are a number of potential negotiating partners. Ma believes that to reach a cooperative must, not just a question of money, there are other factors taken into account.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Because the human and the occurrence of the deal after seven years of fermentation, both sides have become crucial. Fight to have ammunition, money Alibaba do want to do but can not do things faster pace of development. Taobao in 2006, eBay (microblogging), driven out of China, in 2007, Alibaba B2B business listed in Hong Kong, there are billions of dollars in credit. For Yahoo, $ 1 billion investment has appreciated more than tenfold.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Because of the compassion, the beginning of the trade can be described as good communication and interaction between the two sides, Ma busy enterprises bigger, Jerry Yang wait to share the results of investment. But sadly leaving as the Jerry Yang of Yahoo takeover offer for the case, Microsoft (microblogging), known as the "Iron Lady" said Bartz to become Yahoo's new Duozhu harmonious situation between the two sides was broken.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
In January 2009, Carol Bartz took office, the open conflict between the Jaba stimulate. In March, Bartz publicly accused Ma did not do a good job of Yahoo China. In September of that year, Alibaba Group is busy celebrating the tenth anniversary of Yahoo without warning sold 1% of the shares held, in order to cash the $ 150 million in cash to alleviate the plight of Yahoo's business. Sold to Ali's birthday will have a negative impact.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Since the friction. In January 2010, Google (microblogging), exit events in China, for example, the body in the United States, Yahoo, the company publicly said that even behind Google while Alibaba is diametrically opposed to: "Yahoo, Google incident made the statement and to support the position of the Google position , in the case of lack of factual evidence to make hasty behavior. Alibaba do not agree. "For example, in September 2010, Alibaba each year of the most important network operators during the General Assembly, General Manager of Yahoo! Alfred Tsoi said that Yahoo is considering to attract Mainland customers to the Yahoo Web site advertising. Alibaba spokesman said: "If Yahoo does compete with Alibaba in China customers, we will be based on the act and its implied intent to reassess the relationship with Yahoo." When he was the CEO of Alibaba B2B Wei Zhe (microblogging) rhetoric is more intense: "no longer has a search engine Yahoo is just a financial investor, Alibaba has no longer need to Yahoo."i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
October 2010 is an important node. Yahoo invested for five years, Yahoo increased from 35% to 39% of the voting rights in Ali, Ma, management's right to vote from 35.7% to 31.7%, Softbank maintain a 29.3% economic interest and voting rights unchanged . Previously, Ma Jerry Yang of Yahoo as a financial investor. But this time, Bartz in charge of Yahoo as the single largest shareholder, has become the greatest threat to Ali control over. Ma said that while Yahoo is the largest shareholder, but they will control the Ali future. "You are the parents of this business, you have to master the future of this enterprise. Shareholders will always be the third (capital) will always be the uncle, and enough money to buy milk to borrow some."i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Bartz, Yahoo CEO post any more than two years, during which the relationship between Yahoo and Asian partners has dropped to freezing point, which also prompted Ma was determined to regain control.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
To Alipay events become double-edged swordi4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
The original $ 1 billion, today's valuation in constant change. Changes in the factors on the one hand because of the Alibaba Group is constantly bigger, on the other factor is the decline of Yahoo, the significance of this investment for Yahoo growing. Therefore, the negotiations were not successful Alibaba buyback of shares.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
According to public information display, in May 2010 Alibaba want to repurchase shares was refused by Yahoo. This information was later Alibaba confirmation. Another unconfirmed information indicates that at the end of 2010, Yahoo rejected the offer of Ma's proposed $ 3.5 billion to repurchase the former held a 15 percent stake in Alibaba.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
The turning point of the matter is the event of the outbreak in 2011, Alipay. May 11 Yahoo submitted to the U.S. Securities and Exchange Commission files disclosed, Alibaba Group's Alipay transfer of ownership to Ma holding another domestic companies. Yahoo's statement, the company had in March 31 received a notice of Alibaba Group "pay equity transfer, but this has not yet notified the board of directors or shareholders of Alibaba, including Softbank, has not been approved. Yahoo was forced to "start with Alibaba pay the treasure equity negotiations and an agreement two months later: the commitment to pay Po holding company in the listing to be one-time cash return of the Alibaba Group, the return of $ Alipay listing total 37.5% of the market value (price of the IPO date), return the amount of not less than $ 2 billion and not over six billion U.S. dollars.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Ma's statement will Alipay equity transfer in order to meet the requirements of the Chinese government on the third-party payment companies, with Jaba dispute. Ma this battle, so that in the "Jaba the war" to win a greater initiative.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
The negative effect is to allow Ma to back "betrayal contract" infamy. Moreover, because Ma VIE unspoken rules of public, making the concept stocks a great impact in the overseas, Ma also blamed by many domestic counterparts.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
The Alipay case both sides are beginning to think rationally. Yahoo seems clear, though they have most of the shares, but still can not control the Chinese company, to maximize their own equity interests, and perhaps it is a wise choice, rather than an attempt to go to wrest control.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Both sides to calm down, the focus of the negotiations lies in the way of price and payment, in which also contributed to this relatively reasonable breakup agreement.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Break up the agreementi4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
January 4, 2012, Yahoo appointed Paypal CEO Scott Thompson term CEO of Yahoo's new. Followed by Yahoo co-founder Jerry Yang resigned from the full duties of the company, and departure from the board of directors of Alibaba Group. Jerry Yang's departure, will the Chairman of the Board of Alibaba Group Jack Ma transactions to recover control of the company to new variables. Speculation that personnel changes will make the company's strategic choices that will hold a more objective and rational manner. Goldman Sachs Internet industry analyst Heath Terry (Heath Terry) said that this was a positive signal, it indicates that Yahoo is preparing to take the necessary measures to recognize the value of its Asian assets.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
February 9th, Alibaba B2B stop plate in Hong Kong, the privatization of B2B business, and begin to integrate the Group's business in order to achieve the overall market. Ma does not recognize the issue and repurchase Yahoo shares, but Ali Baba the next round of talks with Yahoo as a whole, to avoid tangled in a valuable subsidiary. At the same time, Yahoo and Alibaba negotiations again suspend the news, and news that will be Yahoo, Alibaba reverse acquisition.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Since then, the two sides began negotiations to accelerate, May 18 Yahoo CEO Scott Thompson resigned because of the academic fraud case, also did not affect the parties' divorce, "the final signed.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Alibaba and Yahoo break up agreement is based on the Ali Group's overall valuation for the $ 35 billion. Sources told the "China Business" reporter, close to $ 35 billion transfer to outside investors, with the second half of last year, Ma related to the transaction valuation, "is the valuation to the last DST to buy staff." valuation by the industry generally recognized.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
"This is an imperfect but the right choice." Ma said.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
The 20% stake to pay the cost of $ 7.1 billion. Alibaba Group's overall market retained a 20% stake in the hands of Yahoo will further appreciate, beyond the value of 7.1 billion.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
Points to Yahoo's total property, but the hidden gains in this transaction is still very high, the most important thing is to regain control, but do not have to revert to an annual Yahoo huge dividends Analysys analysts Qi Jianzhe that. Repurchase the sooner the better. "Control over is the Ma's most wanted.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
In fact in the Jaba dispute process, leaving Ma to appreciate the importance of the right control. The past two years, Yahoo is a decentralization of the board of directors, no force, the goal of reunification. In the whole process, the Board continued disagreement, and continues to be accused by investors. Under the control of the Ma of Alibaba Group, the exact opposite, objectives and actions, his Equity holdings in a weak, but still equal negotiations with Yahoo, an important reason.i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语
i4aRainbow Mandarin 彩虹汉语