baba: 看来大家也没注意到这点# Stock
b*e
1 楼
马云真tmb狠，真tmb毒
好，做business，发股票 就得要这样的。
本贴不构成任何方向的投资建议
希望大家能看明白：
wall street journal:
http://online.wsj.com/articles/alibaba-restructures-agreements-
全文：
Alibaba Restructures Agreements With Alipay
Move Would Give Chinese Firm Bigger Share of Earnings From Its Financial-
Services Affiliate
Alibaba Group Holding Ltd. moved to address investor concerns ahead of its
pending initial public offering by restructuring agreements to gain a bigger
share of earnings from financial-services affiliate Alipay.
Alibaba and Alipay's parent company, Small and Micro Financial Services Co.,
agreed to lift a $6 billion cap on Alibaba's share of the proceeds if Small
and Micro goes public or is sold, a regulatory filing said Tuesday.
Under the revised agreement, Alibaba will receive 37.5% of the pretax income
value of Small and Micro. The Chinese company previously received 49.9% of
Alipay's pretax income.
"While the profit-sharing percentage is lower, the profit pool that we are
entitled to share will come from all of the current and future businesses"
of Small and Micro, Alibaba said. If Small and Micro goes public or is sold,
Alibaba can choose whether to continue to receive 37.5% of pretax income
before deciding to buy a one-third equity stake in the company.
Alibaba also said it now has the right to buy up to one-third of Small and
Micro regardless of whether its status changes, if the Chinese government
allows it to do so. The company said it was unlikely to get approval under
current rules, however.
The new arrangement, including Alibaba's possible equity stake in Small and
Micro, could let the e-commerce company benefit more from its financial
affiliate's growth.
WSJD is the Journal's home for tech news, analysis and product reviews.
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Alipay is central to Alibaba's operations, processing its e-commerce
payments similar to how PayPal handles transactions for eBay Inc. EBAY -0.42
% Alipay's business has expanded far beyond its direct dealings with Alibaba
. Alipay processes transactions for other online and offline businesses. The
Alipay Wallet smartphone application handles a variety of mobile payments,
from restaurants and movies to bus and taxi rides.
Small and Micro also has jumped into financial services and now controls
China's largest money-market fund, which had assets of $87 billion at the
end of March.
The relationship between Alibaba and Alipay—whose parent is 46%-owned by
Jack Ma, Alibaba's founder and chairman—has been the subject of scrutiny
from investors as Alibaba prepares for an IPO in New York.
Mr. Ma separated Alipay from Alibaba Group in 2011, a move that contributed
to a rift with Yahoo Inc., YHOO -3.22% a major Alibaba shareholder. Alibaba
recently disclosed that the spinoff was required by changes to Chinese
rules about foreign ownership of financial assets.
Yahoo still holds roughly a one-fifth stake in Alibaba, making it a big
potential beneficiary of the revised agreement. "We support this
restructuring and believe it is beneficial to Alibaba and, consequently, its
shareholders," Yahoo said.
In April, The Wall Street Journal reported that principals were discussing
Alibaba taking a one-third stake in Alipay.
In Tuesday's filing, Alibaba said the latest restructuring was intended to
allow Alibaba to profit more from Alipay. "The potential for long-term
economic participation can come in the form of either a perpetual 37.5%
profit share stream or a possible future direct equity interest," the filing
said. "We believe this restructuring will strengthen and benefit our
company as well as better position us for future growth."
Small and Micro's other businesses besides Alipay include small-business
loans, consumer finance, asset management, financial-products distribution
and insurance, the filing said.
The filing also revealed other changes in the 2011 agreement between Alipay
and Alibaba. Alibaba sold its business of providing loans to small and
midsize enterprises to Alipay's parent in exchange for cash and annual fees,
taking the risk of those loans off Alibaba's balance sheet.
The filing said risks remain surrounding the arrangement with Alipay.
Alibaba said "conflicts of interest may arise due to Jack Ma's role as
executive chairman of our company and through his voting control over and
his economic interest in" Alipay's parent, which the company said he
effectively controls. Those conflicts "could threaten our ability to
continue to receive payment services on preferential terms or conflicts
relating to commercial opportunities," Alibaba said.
Corrections & Amplifications
Alibaba said it is unlikely to get Chinese government approval under current
rules to buy one-third of Small and Micro if it goes public or is sold. An
earlier version of this article incorrectly said the company didn't indicate
whether the government would give approval.
好，做business，发股票 就得要这样的。
本贴不构成任何方向的投资建议
希望大家能看明白：
wall street journal:
http://online.wsj.com/articles/alibaba-restructures-agreements-
全文：
Alibaba Restructures Agreements With Alipay
Move Would Give Chinese Firm Bigger Share of Earnings From Its Financial-
Services Affiliate
Alibaba Group Holding Ltd. moved to address investor concerns ahead of its
pending initial public offering by restructuring agreements to gain a bigger
share of earnings from financial-services affiliate Alipay.
Alibaba and Alipay's parent company, Small and Micro Financial Services Co.,
agreed to lift a $6 billion cap on Alibaba's share of the proceeds if Small
and Micro goes public or is sold, a regulatory filing said Tuesday.
Under the revised agreement, Alibaba will receive 37.5% of the pretax income
value of Small and Micro. The Chinese company previously received 49.9% of
Alipay's pretax income.
"While the profit-sharing percentage is lower, the profit pool that we are
entitled to share will come from all of the current and future businesses"
of Small and Micro, Alibaba said. If Small and Micro goes public or is sold,
Alibaba can choose whether to continue to receive 37.5% of pretax income
before deciding to buy a one-third equity stake in the company.
Alibaba also said it now has the right to buy up to one-third of Small and
Micro regardless of whether its status changes, if the Chinese government
allows it to do so. The company said it was unlikely to get approval under
current rules, however.
The new arrangement, including Alibaba's possible equity stake in Small and
Micro, could let the e-commerce company benefit more from its financial
affiliate's growth.
WSJD is the Journal's home for tech news, analysis and product reviews.
Tech's Fiercest Rivalry: Uber vs. Lyft
Samsung's Plan to Attract More Users: Doughnuts 50% Off and Other Deals
Mims: Yo App Could Be Bigger Than Twitter
Battery Battle: Getting Electric Cars to the 200-Mile Range
Alipay is central to Alibaba's operations, processing its e-commerce
payments similar to how PayPal handles transactions for eBay Inc. EBAY -0.42
% Alipay's business has expanded far beyond its direct dealings with Alibaba
. Alipay processes transactions for other online and offline businesses. The
Alipay Wallet smartphone application handles a variety of mobile payments,
from restaurants and movies to bus and taxi rides.
Small and Micro also has jumped into financial services and now controls
China's largest money-market fund, which had assets of $87 billion at the
end of March.
The relationship between Alibaba and Alipay—whose parent is 46%-owned by
Jack Ma, Alibaba's founder and chairman—has been the subject of scrutiny
from investors as Alibaba prepares for an IPO in New York.
Mr. Ma separated Alipay from Alibaba Group in 2011, a move that contributed
to a rift with Yahoo Inc., YHOO -3.22% a major Alibaba shareholder. Alibaba
recently disclosed that the spinoff was required by changes to Chinese
rules about foreign ownership of financial assets.
Yahoo still holds roughly a one-fifth stake in Alibaba, making it a big
potential beneficiary of the revised agreement. "We support this
restructuring and believe it is beneficial to Alibaba and, consequently, its
shareholders," Yahoo said.
In April, The Wall Street Journal reported that principals were discussing
Alibaba taking a one-third stake in Alipay.
In Tuesday's filing, Alibaba said the latest restructuring was intended to
allow Alibaba to profit more from Alipay. "The potential for long-term
economic participation can come in the form of either a perpetual 37.5%
profit share stream or a possible future direct equity interest," the filing
said. "We believe this restructuring will strengthen and benefit our
company as well as better position us for future growth."
Small and Micro's other businesses besides Alipay include small-business
loans, consumer finance, asset management, financial-products distribution
and insurance, the filing said.
The filing also revealed other changes in the 2011 agreement between Alipay
and Alibaba. Alibaba sold its business of providing loans to small and
midsize enterprises to Alipay's parent in exchange for cash and annual fees,
taking the risk of those loans off Alibaba's balance sheet.
The filing said risks remain surrounding the arrangement with Alipay.
Alibaba said "conflicts of interest may arise due to Jack Ma's role as
executive chairman of our company and through his voting control over and
his economic interest in" Alipay's parent, which the company said he
effectively controls. Those conflicts "could threaten our ability to
continue to receive payment services on preferential terms or conflicts
relating to commercial opportunities," Alibaba said.
Corrections & Amplifications
Alibaba said it is unlikely to get Chinese government approval under current
rules to buy one-third of Small and Micro if it goes public or is sold. An
earlier version of this article incorrectly said the company didn't indicate
whether the government would give approval.
