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Friday, 10 February 2012 - Alibaba's Ma faces big Yahoo test |
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Wed, Feb 8 2012 Alibaba's Ma faces big Yahoo test Tweet Share this Email Print Related News Exclusive: Eyeing Yahoo deal, Alibaba may take HK unit private 6:18am EST Analysis: More than just Great Firewall awaits Facebook in China Wed, Feb 8 2012 Yahoo chairman exits, review drags on Tue, Feb 7 2012 Yahoo co-founder Jerry Yang resigns Wed, Jan 18 2012 Taiwan re-elects president Sat, Jan 14 2012 Analysis & Opinion The limits of the Pakistan-China alliance Global Economics: When China is not just China Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Media » China » Chairman and Chief Executive of Alibaba Group Jack Ma delivers a speech at the 8th Netrepreneur Summit in Hangzhou, Zhejiang province September 10, 2011. Credit: Reuters/Lang Lang By Melanie Lee SHANGHAI | Fri Feb 10, 2012 4:33am EST SHANGHAI (Reuters) - If anyone can pull off the labyrinthine deal between Alibaba Group and Yahoo Inc, it's Jack Ma, who founded the e-commerce group and within a decade unlocked China's huge online shopping potential. The former tour guide and English teacher, who is now worth around $1.6 billion according to Forbes and has dubbed himself 'China's Forrest Gump', built his e-commerce empire from scratch and has steered it through numerous bumps. Ma is now said to be contemplating taking his flagship listed unit, Alibaba.com, private as part of an asset-swap deal with Yahoo, which holds 40 percent of Alibaba Group. Founded in 1999, Alibaba has grown into an enterprise spanning business-to-consumer (B2C) and consumer-to-consumer (C2C) trade, logistics, search and e-payment. Some analysts value the group at up to $32 billion. Ma, 47, lean and down-to-earth, founded the group on the principle of championing small businesses in the battle against industry giants. But battling giants has become increasingly unavoidable. Alibaba Group has long sought to buy back its shares owned by Yahoo since 2005. With new leadership at the U.S. Internet pioneer, that plan is picking up speed. Yahoo's stake in Alibaba Group is worth an estimated $13-$14 billion. Under plans being discussed, sources have told Reuters, Alibaba wants to buy back a stake of around 25 percent for around $9 billion - with around $6 billion in cash and a third via a stake in one of its operating assets. "He has been a strong leader in the Alibaba business. In the negotiations with Yahoo, he's always been clear about his interest to buy his stake back," said Dick Wei, a Hong Kong-based analyst with J.P. Morgan, who noted that while the wheels are finally turning on a Yahoo deal, it may take some time before an agreement is reached. Last year, Alibaba broke up its crown jewel Taobao, estimated by Goldman Sachs to be worth around $7 billion, into three parts to better compete with rivals Dangdang and 360buy. More recently, Taobao Mall changed its Chinese name to rebrand itself, and said it would raise fees to improve its service, prompting protests by some sellers on the platform. CATCHING SHRIMP Ma has often said his vision is to serve small and medium enterprises (SME). "My inspiration came from the American movie Forrest Gump," Ma told an American audience in 2009. "Because Forrest Gump said 'shrimp,' we decided to help SMEs. We wanted to catch the shrimp instead of catching the whales." Catching shrimps in China's booming online market has proved hugely lucrative for Ma. Taobao, a late entrant to the C2C market, beat off eBay in China in the late-2000s by offering free listing services for its sellers. "EBay may be a shark in the ocean, but I'm a crocodile in the Yangtze River. If we fight in the ocean, we lose, but if we fight in the river, we win," Ma told Forbes magazine in 2005. Ma's blend of gumption and brash hopefulness has made him a cult figure among local entrepreneurs, taxi drivers and other ordinary Chinese. Hundreds of small business owners turn up in Alibaba shirts to hear him speak at the annual AliFest , an annual gathering of e-commerce fans and celebrity speakers. Ma, who loves dogs and tea, is known to put on fake multi-colored Mohawk wigs and kung-fu outfits at company parties. But, behind the fun-loving and savvy media figure, is a more Machiavellian Ma, willing to do battle with the international likes of eBay and Yahoo. "I always remind myself that I can't pretend. I'm not as good as other people say I am. Nor am I as bad as other people say I am," Ma said in a text message to Hu Shuli, editor of prominent magazine Caixin Weekly. BRUISING As with other folk heroes, Ma's business style is not without its detractors. Some say his business decisions can be clumsy and unnecessarily gutsy. In 2005 and 2006, Ma targeted eBay with a media campaign including soundbites such as "In China, they are gone" and taunted the U.S. firm to follow Taobao's free-listings model. Ultimately, Taobao's free listings and eBay's own poor customer service saw eBay exit China in late-2006. Four years later, with Taobao's dominance assured, the companies' units signed a cooperation agreement, although that ended about a year later. Ma's run-in with Yahoo and Japan's Softbank over his transfer of Alipay last year hinted at that battle, but with a difference - Ma's reputation among his local loyalists took a very public hit. Yahoo informed shareholders last year that Alibaba had transferred its e-payment unit, Alipay, to a company owned by Ma. Alibaba said the move was to comply with Chinese regulations and had been discussed at board level, where Yahoo and Softbank hold seats, since 2009. Yahoo, however, denied any prior knowledge, and some observers criticized Ma for a lack of transparency in handling the issue. "The Alipay deal really hit his reputation," said Elinor Leung, a CLSA analyst in Hong Kong. Other analysts said Ma's ruthlessness may have deterred investors from backing Alibaba Group. "The Alipay issue will dog them forever. How do you convince your board that after you invest, that won't happen again?" Leung said. Yet that kind of opportunism is what Ma may need to get a deal done with Yahoo this time around. "Forrest Gump is not a smart guy, but he is focused. He's not talented, but he is very, very hard working, and he's very simple and opportunistic," Ma said in 2009. "The thing I told my wife, my parents, and my friends, is the sentence Forrest Gump said: "Life is like a box of chocolates. You never know what you're going to get." (Editing by Kazunori Takada and Ian Geoghegan) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Media China Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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