Alibaba overhauls pact with Alipay parent
The pact between Alibaba Group Holding Ltd and its payment affiliate Alipay was overhauled. This boosted the Chines e-commerce giant’s potential gain if Alipay is sold or goes public.
Alibaba, which is set to go public in New York later this year, also agreed to sell its small and medium enterprise loan business for $518 million cash to Alipay’s parent company, called the Small and Micro Financial Services Company.
The deal was revised on Aug. 12, Alibaba told in the securities filing. The earlier agreement was reached in 2011.
Source: Reuters
