Wednesday, May 11, 2011

Doing Business in PRChina? Are You Sure?


You remember that Fellowes lost about $100 million in plant, tools, dies, fixtures, designs, and patents when its PRChina partner stole it all about 2 weeks ago?

Meet Alibaba.

...the ownership of Alibaba Group’s online payment business, Alipay, was restructured so that 100 percent of its outstanding shares are held by a Chinese domestic company which is majority owned by Alibaba Group’s chief executive officer,” the company said in the filing. “Alibaba Group’s management and its principal shareholders, Yahoo! and Softbank Corporation, are engaged in ongoing discussions regarding the terms of the restructuring and the appropriate commercial arrangements related to the online payment business.

In plain English: Yahoo! and Softbank are begging Alibaba for some crumbs, or a few remnibi, or the supply of postage stamps--whatever-- in return for their shares in Alibaba.

HT: Ticker

1 comment:

neomom said...

You must have gotten hit in the Great Blogger Debacle?