Yahoo is one of the most active stock in the market, down nearly 6% to $16.16 on news of a dispute with Chinese e-commerce firm Alibaba Group Holding, of which it holds a 40% stake.
A material amount of yahoo's equity value is clearly tied to its stake in a very attractive Asian Internet portfolio, in our view, which includes Yahoo!Japan, Alibab.com Alipay and Tabao.
The acute lack of clarity aroud the Alipay issue is calling into question the value and monetization potential of Yahoo's Chinses assets in general, and Taobao in particular.
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