Alibaba Before Initial Public Offering Restructures Agreements With Alipay
On Tuesday, before it's much awaited initial public offering, Alibaba Group Holding Ltd. the e-commerce giant of China said that it has reorganized the agreements with Alipay which is its online payments partner along with Small and Micro Financial Services Co, the parent of the company.
The company said that the agreements in its restructured form included a sales deal of its business of small and medium enterprise loans to Small and Micro Financial. This will assist the company and will also benefit its future growth.
Alibaba is China's most popular retail destination and accounts for around 80% of all the e-commerce in China.
The company operates the largest online shopping site in China, Taobao Marketplace, and also is the third-party stand for brands and retailers, Tmall. Alibaba also handles Juhuasuan, which is the most admired group buying online souk of China preferred by monthly active users.
Alibaba sold Alipay in 2011 to Small and Micro Financial Services. Small and Micro Financial Services is run by Jack Ma who is the co-founder of Alibaba.
Yahoo, who is the second-largest shareholder of Alibaba and has a 22.5 % stake in the company, said that it supports the action of the new agreement.
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