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ass discussion, eproduced withhis case study, pOriental Plaza

y do we need logy?”

Ma lieutenantYahoo! Inc. iAlibaba statemhat China’s gg and censornship had chartnered with

ction that sawship of Yahooic and financChina’s savv

t share in the

a cofounder oth sought to a, it was timecrisis and ex

ntial injectiongrowth. Strenes would not d to make senlogy that wou

! needed to cmarket there

much of its mt and no work! China to Alhoo! brand arch. Yahoo!’

h and represenO.

10, the situatiuccessfully goina search mtitors on searss model sho

roup-Yrs

and is not intenhout the express please write to:, 1 East Chang’

a financial in

t and Alibabain Septemberment calling government wrship.1 The stranged since iJerry Yang a

w Ma cede sho! China. In

cial benefits oviest Internetfast growing

Jack Ma andchange the d

e to move paxpand. It was n of cash to b

ngthening its be inexpens

nse as it offeruld help Alib

change its Che, China searcmarket share. kable strategylibaba seemes it deployed’s investmentnted a unique

ion surroundione public tharket. Both Arch in efforts owed no sign

Yahoo!

nded to demonstwritten consen

’an Avenue, Be

nvestor with

a.com CEO Dr 2010. TheseYahoo! “reckwas hamperirain on the pit began in Aat U.S. Internhares in excha2005, Ma waof the partnert entrepreneug China onlin

d Yahoo! cofodirection of tast the debilit

too soon forbuy out earlycore businesive. A strategred the cash, baba grow an

hina strategy.ch giant BaidBy 2005, it oy for rebuildied to make sed its online ext would help e opportunity

ing the partnhree years beAlibaba and Y

to unseat Ba of competiti

! Partn

trate effective ont of Cheung Ko

ijing, 100738, C

no business

David Wei spe comments fkless” for suing its businepartnership illAugust 2005. net search giaange for a $1as excited abrship. Yang w

urs to help incne search mar

founder Jerry their businesstating global r an IPO, but y stage investses and expagic investmenglobal brand

nd improve it

After a promdu and U.S. conly had 15.6ing its markeense because xpertise in ChMa continue

y to invest in

nership had chfore. Yahoo!Yahoo! had paidu and Gooiveness.5

nershi

or ineffective buong Graduate Sc

China

2011-09-1-May 25, 20

synergy or

poke these hafollowed a Ja

upporting Gooess via state-llustrated howAt that time,

ant Yahoo! in1 billion invebout leveraginwanted to pacrease Yahoorket.2

Yang were fses in 2005. Fdotcom bustthe web firm

tors and mainanding into nnt from Yahod and search ts products.3

mising start incompetitor G6% of the seaet share.4 CedAlibaba wou

hina to win the Alibaba’s rn a China mar

hanged. Alib! China only partnered witogle in China

ip

usiness chool of

197-2e 011

arsh words anuary ogle’s led w the , Jack Ma n a estment and ng the rtner with o! China’s

friends For t and m needed a ntain its ew oo!

n the Google had

arch ding uld nurture he battle apid rket leader

baba had had 1% of th a and

Alibaba-Y

Sensing rival Yahboardroorestraininand the Udestiny.6

Was it ti Top Dot The growbirth of dgovernmthen chandevelop and domin the latforeign b These foglobal doonline usmillion ILiang Chprojected Online sptransactiCommerestimatedreachingExhibit 2 Accordinmen than35 age ghad monup 18.3% First-molocalizedtrade (“Bafter eBaforced eB Taobao nsuch as Ta 9.9% sbillion R

Yahoo Case

weakness, Mhoo!. Alibabaom power anng. EmployinUnited States6

me to end th

tcoms and ec

wing availabidotcoms and

ment initially nged its attituChina’s econ

mestic capital te 1990’s. Chbusiness mod

oundational inotcom crash sers with risiInternet usershunxiao exped estimates).1

pending and on value in arce. Online shd that person

g a market siz2 for addition

ng to an iResn women (58roup while 8

nthly incomes% (see Exhib

overs consolidd, foreign comB2B”) in Chiay into the coBay to largel

not only domTencent, Inc.share in 2009RMB in 2009

Microsoft hada was chafind influence ong about 22,0s, Alibaba wa

his financial a

commerce in

ility of Internthe ecommewas slow to ude determinnomy.7 Rapibegan pourin

hinese entrepdels to partici

nvestments hin the beginnng disposabls in China.9 Oected that num10

dotcom reveall ecommerchopping valunal consumptze of 1.52 trilnal historical

search, Inc. re8% to 42%) w85.8% had at s less than 4,it 3 for comp

dated their lempetitors. Fona and had nonsumer to coly retreat from

minated eBay’s Paipai auc

9 (see Exhibit from 1 billio

d previously ag under the iover Alibaba000 people inas rapidly glo

and strategic

n China

net connectioerce industry realize the po

ning that it coid investmentng into ecom

preneurs attraipate in the n

helped the strning of the 2le incomes drOf these, abomber to doub

enue growth ce grew by 2ue acceleratedtion growth illion RMB anl and projecte

eport on onliwhile nearly tleast a junio000 RMB w

plete statistic

eads in the eaor example, Anot relinquishonsumer (“Cm China.14

y, but maintaiction site. It ht 4). Transacton RMB in 2

attempted aninfluence of t’s internationn Greater Chobalizing and

partnership?

ons and dotcoin China in totential of thould use the It in Internet i

mmerce start-uacted these innew market.8

rongest ecom1st century. Arove fast grow

out 30% had sble by 2015 (

mirrored the 1.7% to 2.8 td 105.8% to in ecommercnd making uped estimates)

ine shopping two-thirds wr college eduith the groups).13

arly 2000s drAlibaba was hed its lead bC2C”) market

ined a substahad 83.8% oftion volumes

2004.15 Main

n opportunistithis weakenenal expansionhina, India, Jad determined

? Had it made

om boom-relthe late 20th a

he Internet anInternet to coinfrastructureups in China

nvestments as

mmerce compAfter low initwth in ecommshopped onli(see Exhibit

rise of Chintrillion RMB258.6 billion

ce in China wp 7.2% of tot).12

in China in 2were unmarrieucation or tecp earning less

riving out smone of the iny 2010. Whit in China, its

ntial market f the market ws have risen rcompetitors

ic takeover oed strategic inn strategy incapan, Korea, d to have cont

e sense in 200

ated investmand early 21s

nd uncertain oontinue to exe followed. S

a as the globas they innova

panies survivetial profits, a merce. By 20ine, but Aliba1 for addition

a’s new netiz according to

n RMB.11 In 2would have atal domestic

2009, more oed. Nearly 90chnical degres than 500 RM

maller, local cnitial leaders iile it was the s more locali

share lead ovwhile secondrapidly for TaPaipai and E

2011 M

of long-time snvestor. Yahocreasingly fethe United Ktrol over its o

05?

ments supportst century. Thof how to reg

xert influenceSimultaneousal dotcom maated and loca

e in China derapid increas

009, there weaba vice presnal historical

zens. In 2009o the Ministry2010, Deutsc

a five year CAretail by 201

online shopp0% belonged ee. 83.9% of MB per mon

ompetitors ain business tosecond majo

ized Taobao

ver domesticd place Paipaaobao reachi

EachNet as w

1-09-1-197-2eMay 25, 2011

2

search oo!’s lt

Kingdom own

ted the he Chinese gulate it. It e and sly, foreign ania began alized

espite the se in ere 338 sident l and

9, ry of che Bank AGR of 42%15 (see

ers were to the 18-shoppers th making

and non-o business

or player site soon

c rivals ai only had ing 208.3

well as

%

Alibaba-Y

Baidu’s Yshopping6 for flow Alibaba’transactiWhile thsurvey a(see Exh Search wtriumphecustomizlarge parcould nomarket s China postill had Baidu exinto ecomsignifica Like its cmodel ansimple inservices. QQ’s accusers in Cearners, user baseproductsbottom l Yahoo!: Yahoo! wJerry Yathe Uniteduring thexpand iin paid s As invesand otheBartz wamired in Yahoo! hincome s

Yahoo Case

Youa site didg was still grow charts com

’s Alipay andons to multip

hird-party payadministered hibit 7 for pro

was another ked in the paidzed to the Chrt of Yahoo! ot topple it frohare when it

ortal Sohu’s S70% of the s

xpanded into mmerce withantly with lea

contemporarnd then innovnstant messag. By 2010, its

complishmenChina at the it had movede into profitss in social netine by paying

A First Gen

was part of thang and Davided States in 1he 2000 and 2its business.22

earch relegat

stors became ers rotated thras the CEO athe slump it

had 13,900 estatement).23

d not fare as owing quickl

mparing B2C

d other onlineply. Credit cayment platforon 103 Inter

ofile of online

key sector in d-search comhinese languaChina’s markom its leadert moved most

Sogou searchsearch markeother produc

h the online aaders Taobao

ies, Shenzhevated and expging (“IM”) s IM user bas

nt was even mtime. By exp

d beyond the by chargingtworking, meg Tencent fo

neration Dot

he first waved Filo develo1994. The fir2001 dotcom2 While Yahoting Yahoo!

frustrated wrough the CEat the end of 2

began in lateemployees wh

well having ly, beating ouand C2C tra

e payment prards were notrms were use

rnet sites, cree payment m

the China dompetition of thage and direcrket share.17 Grship positiont of its server

h engine triedet at second qcts. It follow

auction site Yo and Paipai b

n-based Tenpanded into oservice callese had expan

more impresspanding into Internet’s w

g for add-ons edia, games a

or placement

tcom

e of web-baseoped and relerm listed on t

m crash, but roo! struggledto an increas

with Yahoo!’sEO position a2010. She bee 2008 (see Eho produced

much slowerut online bus

ansactions).

rocessing syst as widely aed by 58.7% edit and debitmethod usage)

otcom space. he early 2000cting users to Google and lon. In early 20rs offshore fo

d to gain marquarter end 20ed Alibaba’s

Youa.com in 2by late 2010.

cent initiallyother busines

ed QQ. It latended to aroun

sive given ththe mobile m

wealthier demto the free Q

and ecommerin front of su

ed companieseased the initthe NASDAQeemerged to d to reinvent singly second

s stagnation iattempting toegan her tenuExhibit 8 for $6.5 billion

r growth (seesiness to cons

stems helped available in C

of online shot card option).16

Modeled on0s in China. Uunlimited fr

ocal search e010, Google sollowing hac

rket share fol010.19 Like m

s lead by exp2008. Howev20

y localized a psses. Founde

er added onlinnd 500 millio

his user base emarket access

mographic. TeQQ service anrce. Online auch a large au

s called dotcotial version oQ exchange iacquire otheitself, Googl

dary role.

n the first de reenergize Y

ure in JanuaryYahoo! stocin annual rev

e Exhibit 5). sumer (“B2C

pave the waChina as theseoppers who a

ns combined w

n Google, BaiUsing searchree music dowengines foughseemed defeacking and cen

llowing Googmany other danding beyonver, Youa did

popular foreid in 1999, Tene auction sitn members.

exceeded thesible to a widencent then lend by attractiadvertisers coudience.21

oms that emeof Yahoo! whin 1996. The er companiesle began buil

ecade of the 2Yahoo!’s busy 2009, but thck price/volumvenue (see Ex

2011 M

In 2009, C2CC”) growth (s

ay for ecomme payment syanswered a 2were used by

idu eventuallh technology wnloads, it caht Baidu hardated as it relinsorship conc

gle’s exit, budotcoms in Chnd its core bud not compet

ign dotcom bencent startete Paipai and

e number of Ider range of weveraged thising users to itontributed to

erged in the 1hile graduate

company str in an attemplding up its d

21st century, Jsiness model.he stock pricme chart). Axhibit 9 for s

1-09-1-197-2eMay 25, 2011

3

C online see Exhibit

merce ystems. 2009 y only 23.4%

ly better aptured a d, but they nquished cerns.18

ut Baidu hina, usiness te

business d with a

d other

Internet wage s sizable ts other the

1990s. students in

ruggled pt to dominance

Jerry Yang . Carol e stayed s of 2009, simplified

%

Alibaba-Y

Alibaba Alibaba’to start hhelped hopportun Inspired returningbrief stinsoon forsof his coapartmencomman The Alibbusinessnecessarresourceonline stexampleAlibaba. Alibaba China cocertificatincrease had joine During thFidelity, plans. Ofcame to product abuyers rethe group As manyin the eabusinessmarket f This Trudocumenadditionathen conAlibaba’TrustPashelped M

Yahoo Case

Emerges

’s story is tighis career as ahim leverage nity to visit th

by this techng from the Unt at the Minisook this stab

olleagues to jont.25 It would

nd “Open Ses

baba.com buses located an

ry for industrs. Alibaba entorefronts of , an Americacom after ne

relied almostould pay for ttion of their ltheir visibili

ed paying fro

he dotcom boJapan’s Soft

ffices in Silica close, Aliband country oeflected the wp had turned

y of the dotcoarly 21st centu. In 2002, Ja

following its

ustPass systemnt verificational product in

ntact these po’s trusted Aliss service maMa to increas

htly linked toan English tethis skill to dhe U.S. and l

nology, Ma d.S. He sold itistry of Foreibility to startoin him in re

d be called Asame” to find

siness plan wnywhere in thial giants thanabled them tcheap, certif

an small busiegotiating pri

t solely on mthe coveted Clegitimate buity and sales om $5,120 to

oom years, Mftbank and othcon Valley an

baba.com hadof origin. A dwarm receptiits first profi

om companieury. It largelyack Ma’s teaminitial release

m further allon and additioformation to

otential customipay online pay have helpee profits by c

o the story ofeacher in his hdevelop a smlearn about th

developed hist to Hangzhoign Trade to t up a new Ineturning to Hlibaba after t

d a treasure tr

was simple, bhe world at loat had funds tto compete o

fied suppliersiness could bicing and term

membership fChina Suppliusinesses. Thon Alibaba.c

o $15,400 (40

Ma managed hers from 19nd London sp

d categorizeddaily intake oion Alibaba.cfit. But then t

es began to uy retrenched m introducede to internati

owed Alibabonal vetting.

attract sellermers at no exayment syste

ed Alibaba recross-selling

f its lead founhometown o

mall translatiohe Internet in

s first dotcomou Telecom increate trade-

nternet compaHangzhou to f

the hero of Orove.

ut profitableow cost and lto set up globon sourcing cs all over the uy products

ms.

fees and valuiers Club/Golhis lowered mcom. By the l0,000-120,00

to secure $299 to 2000.27

prang up antd seven hundrof 3,500 linecom was recethe dotcom cr

unravel into bto its home m

d the TrustPaional exporte

a.com suppliTrustPass mers. They coulxtra cost. Impem when it cealize an overhis products

nder, Jack Mf Hangzhou,

on business. Tn 1995.24

m company, Cn 1997 and thfocused webany. His charfound this new

One Thousand

: charge feeslow hassle onbal operationcosts. Busineworld to findfrom a famil

e-added servld Supplier m

marketing coslate 2000’s, m

00 RMB) for

5 million in f7 This helpedticipating higred types of ps of product eiving from erash started t

bankruptcy, Amarket in Chass certificatiers.29

iers to prove embers wereld get preferrportantly, Trame online inrall profit in

s.

Ma. Ma’s exceChina. His e

This in turn g

China Yellowhen was draw

bsites. Ever thrisma and driw firm in Febd and One Ni

to businessen its website.

ns, but SMEs sses of any sd the most coly-owned Ch

vices for revemembership tsts for SME’smore than 22membership

financing frod accelerate Agh future growproduct inforinformation

entrepreneursto take its tol

Alibaba had tina and refocon system to

their authente able to uplored access to rustPass memn late 2003. R2002. Linkin

2011 M

ellent Englishentrepreneurigave him his

w Pages, upown to Beijinghe entrepreneive encouragbruary 1999

Nights who us

es to trade wi. This was nodid not have

size could seaost competitiinese factory

enue. Exporteto gain third s and helped

2,000 China Sp.26

om Goldman Alibaba’s expwth. As the yrmation by tyfrom supplies.28 At the enl.

to fight hard cused on its co the internal

ticity by submoad pictures a

buyer inquirmbers also beRevenue fromng Alipay to

1-09-1-197-2eMay 25, 2011

4

h led him ial instinct first

on g for a eur, Ma

ged many in Ma’s ed the

ith other ot e these arch the ive. For y on

ers in party to

Suppliers

Sachs, pansion year 2000 ype of ers and nd of 2001,

to survive core China

mitting to and ries and gan to use m the TrustPass

Alibaba-Y

Alibaba’informatTrustPasreliabilithelped A Alibaba 2003. SequarantinAlibaba SARS wGrowth i Taobao Just befoand its Cauction sfrom eBa First, Magrowth umembersInternet ppopular M Taobao qtransactiservices PayPal opaymentAlipay thsites it w As a domconnect more satChina in Alibaba Fresh frohis businYahoo! CJack Ma $4 billionbenefits.

Yc

Yahoo Case

’s initially Chtion, translatess and TradePty.30 They serAlibaba diver

survived the evere Acute Rnes became remploy beca

was serious, bin ecommerc

ore SARS strChina partnersite for consuay in order to

a invested. Inuntil it becamship growth aportals for adMSN IM ser

quickly passeon fees, so Tand advertis

online paymet system solvhen distribute

was used on. N

mestic compainto China’s tisfied with Anterests to Li

and Yahoo

om early succness. In AuguChina and a $and Jerry Yan.34 When A

Yahoo!'s invescombination o

hina-focusede product infoPass allowedrved Alibabarsify and stren

dotcom crasRespiratory Sroutine, driviame infected,

but still only ace was startin

ruck, Jack Mar and future sumers to buyo narrow eBa

n July 2003, hme profitable.and close thedvertising, sorvice from M

ed eBay to beTaobao dispoing. More im

ent system beved this probled a percentaNo credit car

any, Alibaba banks and cr

Alipay and TaKa-shing’s m

! Partner

cess in the onust 2005, Alib$1 billion invang’s long-ti

Alibaba and Y

stment undersof Yahoo! and

d TradePass sformation intod buyers to fina.com’s custongthen its rev

sh, but then thSyndrome waing fears abo, the compan

a short-term ng to accelera

a began stratubsidiary Ea and sell fromay’s first-mov

he pumped 1. For its part,e profit gap. eo Ma used ph

Microsoft to m

ecome the C2sed of these

mportantly, loefore receivinlem by holdinage of the feerds were need

had strongerredit systemaobao. In themedia interes

nline C2C aubaba Group vestment fromime friendshi

Yahoo!’s lead

scores our longAlibaba is the

software folloo English andnd good suppomers by incrvenue stream

he SARS panas a highly cout the effect

ny was placed

problem. Moate in China.

tegizing to takachNet. Its Tam each otherver advantag

100 million R Taobao rapieBay/EachNhysical adver

market his new

2C market lefees. Instead

ocal customerng their orderng funds in ee to Taobao, ded in the co

r regulatory rquickly. Cus

e end, eBay sst, TOM Grou

uction busineagreed to excm Yahoo!. Tip helped leaddership annou

g-term commie best approac

owed. Busined access addpliers by tracreasing trust

ms.

nic introduceontagious anon China’s e

d on strict qu

ore importantWhat would

ke over the oaobao site wo. Ma’s challe

ge.

RMB into Taoidly deployedet had exclusrtising, text aw business.32

eader in Chind, it derived itrs distrusted r. Introducedescrow until tAlibaba.com

onsumer cred

relationships stomers, busisignaled retreup.33

ess, Jack Ma change a 40%

The strategic ad to a succesunced the tran

itment to the Cch for Yahoo!

esses could bitional tools

cking transactand transacti

ed great uncend deadly diseeconomic grouarantine.31

t was how tod Ma do next

online auctionould be like eenge was to d

obao to help d a large salesive agreeme

advertising an2

na. Chinese uts revenue fropaying for g

d in October 2transactions w

m or whichevdit scarce cou

and assistaninesses and geat in 2006 by

quickly mov% stake (35%and financial

ssful transactnsaction, the

Chinese marketo win in this

2011 M

better track thto smooth tration volume ion volumes.

ertainty in Chease. Large-sowth. After o

o expand Alib?

n market fromeBay in creatdifferentiate T

support mares force to drients with Chind partnered

users dislikedom value-add

goods over eB2003, Alibabwere compleer third party

untry.

nce in helpinggovernment wy ceding 51%

ved to further% voting interl benefits as wion valued in

ey spoke abou

et. We believe region, said T

1-09-1-197-2eMay 25, 2011

5

heir client ade. and . They also

hina in scale one

baba.

m eBay ting an Taobao

rket share ive ina’s main with the

d eBay’s ded

Bay’s ba’s Alipay eted. y Internet

g Alipay were all % of its

r expand rest) for well as n total at ut its

the Terry Semel,

Alibaba-Y

ccac Taasw Witm

When thYahoo! bworld.”36

businesspropertymillion o Executinrelationsdiminishsince its A first-mcompetemarket sthe same Maybe Jthe searcan onlinegreater s Ma first focusingYahoo! Sdifferentimportan Ma was with the technolocould heTaiwan, Alibaba

Yahoo Case

chairman and companies in all the key seccommunicatio

Teaming up wand consumeraddition of Yasearch offeringwinning in onl

We have alwaindustry, said team, which omost essential

he transactionbrand in Chin6 Ma then rap. He used $3 so that it wo

of Yahoo!’s i

ng the strategship. Companhed and sever

China entry

mover and inid away by dohare in searc

e period, Yah

Jack Ma coulch, email ande authenticatuccess with t

tried to simpg on content gSearches for tiate itself annt as it helped

happy to owrest of Aliba

ogy to make Telp direct traf

so Ma doubt

.com’s IPO

chief executivChina, and ou

ctors that are dons.

with Yahoo! wrs in China, saiahoo! China tog to China's Inline payments

ays had a long-Jerry Yang. W

operates accordl and relevant

n closed on Ona to create opidly used Y60 million o

ould be whollinvestment.38

gic part of thiny cultures wral different min 1999.39

itial market lomestic chamch surged fromhoo! China sa

d unlock Yahd content genion and verifthese produc

plify Yahoo! generation. Hthe Stars. Yad develop ned Taobao ext

n part of a graba Group foTaobao and Affic to these otlessly hoped

ve officer of Yur combined asdriving explosi

will allow us toid Jack Ma, cho Alibaba.comnternet users. Is and now we'r

-term commitmWe're confidending to similarservices to con

October 24, 2opportunities

Yahoo!’s invef the investmly owned by 8 The financi

is strategic pawere differentmanagement

eader, Yahoompion Baidu m 33.1% to 4aw its market

hoo! China’sneration businfication servicts.41

China’s webHe led a campahoo! China ew revenue sttract addition

reat brand likr the transact

Alibaba.com other businesd to leverage

Yahoo!. Togethssets will makive Internet gr

deliver an unhairman and c

m's business, wIn China, Alibre going to wi

ment to Chinant that Yahoo! r values as wensumers and b

005, Jack Mas for consumeestment to bument to redeem

Alibaba Groial part of the

artnership wot. Ma purchat teams had b

o! China hadand global le

46.5% while t share fall by

s potential, buness. He alsoice. Perhaps a

bsite to be mopaign for an Awould need ttreams Ma th

nal revenue fr

ke Yahoo!, bution to make even more eses, too. Yahthis experien

her, we will crke us the only crowth in China

nmatched ranghief executive

we're expandinbaba.com is wn in search.

a and even mois putting its r

e do, and sharebusinesses.35

a added that ers and busin

uy out early stm Softbank’soup.37 By Mae deal had lar

ould prove thsed Yahoo! C

been unable to

d seen its healeader GoogleGoogle’s in

y nearly half

ut it would b now owned a local tech e

ore like GoogAmerican Idoto focus on phought. Yahofrom online a

ut he also knsense. The k

effective prodhoo’s auctionnce to beat th

reate one of thcompany that a such as searc

e of e-commee officer of Alig our servicesinning in B2B

ore so to the deresources behies the same vis

“We look fonesses in Chitage investors share of thearch 2006, hergely served i

he more diffiChina after ito achieve pro

lthy market se. From 2004ched up from

f from 30.2%

be difficult. Han online ad

entrepreneur

gle before revdol-like onlinepopular enteroo!’s advertisads.42

new that he hakey was to usducts. As a pn site had suche remaining

2011 M

he largest Interhas a leading

ch, commerce

rce services toibaba.com. W

s to provide a lB, winning in C

evelopment ofind the right msion for provid

orward to groina and arounrs and expande crucial Taoe had deployeits purpose.

cult part of thts staff’s morofitability in

share in searc4 to 2005, Bam 22.4% to 2

% to 15.6%.40

He was now edvertising conlike Ma mig

versing course program cartainment consing expertise

ad to realize se Yahoo!’s sortal, Yahoo

cceeded in Jacompetition

1-09-1-197-2eMay 25, 2011

6

rnet position in

e and

o businesses With the

leading C2C,

f its Internet management ding the

wing the nd the d his

obao ed $750

he rale had the years

ch aidu’s 6.9%. In

entering ncern and ht have

se and alled ntent to e was also

synergies search ! China

apan and n.43

Alibaba-Y

Yahoo!’sNovembKong maHKD (5.billion inmarket c Ma’s goaproceedsbusinesslong-term Alibaba.“in the qcalled buSources interviewYahoo’swas not asite. TheInternet p Post IPO Followinenterprisalso relatand whomembersvisitors pservice TC2C servwebsiteswith an 8 Alipay’susers andsoftware Relation Relationassisted AYahoo! o In Auguspossible purchaseimplicatithat Soft

Yahoo Case

s investmentber 6, 2007, Aarket that dro.09 USD) (sen the largest Iclose. That co

al for the IPOs were to be ues like Taobam market sha

com was alrequarter endedusiness-to- buLtd.” David

w at the time, strength in Camong China

ese four captuportals that y

O

ng its Alibabases reached uted sites gear

olesale trade fs. Taobao haper month maTaobao Mall vices and Alis. In 2009, Ta83.8% marke

s growth was d processed 7

e company A

nship with Y

nships with YAlibaba.comon January 3

st 2008, Ma fMicrosoft ta

e back the shaions of Microtbank might a

t helped set thAlibaba Grouove up its offee Exhibit 10Internet IPO ompany was

O was to list used to suppoao. They couare gains.45

eady a leaderd June 30 [20usiness e-comWei said tha, he said, “YaChina was ma’s top portalured more thayear. Yahoo!

a.com unit’s users in over red to domesfor small buy

ad 500 millionaking it one oallowed bricibaba’s B2B aobao’s transet share (see

no less pron7 million tranlisoft, online

Yahoo! Post I

Yahoo! becamm in expandin

1, 2008 distr

first signaledakeover of Yaares from Yaosoft suddenalso want to b

he stage for Jup’s Alibaba.fering price n0 for Alibaba

since Googljust one part

a profitable port its develould incubate o

r in its field a07], Alibaba

mmerce markat, Yahoo! haahoo! Inc. is

more questionls in 2007. Tan 75% of th was not mak

IPO, Alibab240 countrie

stic trade in Cyers (aliexpren product listof the world’

ck-and-mortaservices. Th

saction volumExhibit 4).

nounced sincensactions daie advertising

IPO

me much morng in the U.Sracted the lea

d his interestahoo! loomedahoo! if Yaholy owning a bid for the st

Jack Ma’s decom Limited

nearly three ti.com stock ple’s in 2004 vt of Alibaba G

part of Alibaopment and thoutside of pu

and ready fora accounted foket in China, ad helped in thelping the cable. Not onl

That year theyhe 12.35 billioking in-roads

a Group cones and regionChina (1688.cess.com). Alitings, 210 m’s top 20 mosar shops to sehe Taobao netme exceeded

e its 2004 beily in multiplexchange Al

re complex af. market, but

adership of bo

in buying bad. The 2005 oo! was purclarge stake intake. Its purc

ecision to go d unit debuteimes from 13

price/volume valuing the coGroup.44

aba Group: Ahe expansion

ublic scrutiny

r an IPO. Accfor 43 percen more than trthis success. company to gly was Yahoy were Sina, on RMB ($1s in the porta

ntinued its fass. They now com), trade tibaba.com’s nillion registest visited web

ell to online ctwork includ$29 billion a

ginning. By le currencies.limama and A

fter Alibaba.t then Microsoth companie

ack Yahoo!’sAlibaba-Yah

chased. Ma non his compan

chase of Yaho

public with Ad 17% of its 3.50 HKD (1chart). Ma’sompany at U

Alibaba.com. n of lower may sacrificing s

cording to Ant of total tranriple its neareAccording toget access to o! lagging inSohu, NetEa.85 billion) i

al competition

st growth. Byincluded not

to and from Jnetwork boa

ered users andbsites. Launc

consumers anded an expandand it domina

2010, it had . Ma’s groupAlibaba Clou

com’s IPO. Isoft’s hostile es.49

s stake in his hoo! deal gavo doubt worrny. Possibly moo!’s shares c

2011 M

Alibaba.comshares on a H

1.74 USD) tos group raisedUSD26 billion

Alibaba.comargin, non-lisshort-term pr

Analysys Internsactions in test rival, Gloo a BloombeU.S. users.”

n online searcase and Tencen revenue gen.47

y 2010, Jack t just AlibabaJapan (Alibabsted 53 millid 40 million ched in 2008nd cross-soldding list of pated its comp

470 million rp also includeud Computin

Initially, Yahtakeover bid

company as ve Alibaba thried about themore worryincould give it

1-09-1-197-2eMay 25, 2011

7

m. In Hong 39.50 d USD1.5 n by

m’s IPO sted rofits for

rnational, the so-obal rg

”46 Still, ch, but it ent’s QQ enerated by

Ma’s a.com, but ba.co.jp) ion unique , B2C

d Taobao’s artner

petitors

registered ed online g.48

hoo! d for

the he right to e ng was a

Alibaba-Y

controlliInternet p “It wouldAG in His that th After YaYahoo! pJack Ma so he meintegrate The nextmillion. 5

Yahoo!’sand incre Jack Ma Taobao sstop ecomTaobao, March 2 Decembeand Gooplaced a 2009, Yato challewhen its a half-waNo longebusinessminor ro The partnorganizeannouncreacted fbetween In May 2partially-both Alibmillion CChinese This coomonth. WstructureAlibaba

Yahoo Case

ng 73% stakpartners, a w

d be very posHong Kong,” hey'd also hav

ahoo! fended partnership. Iinitially thou

erged the twoe with the Tao

t month Yaho52 The sale dis financing neasing liquid

called his shstrategy. Its kmmerce servAlipay, Alib010.53 It was

er 2009 was ogle.cn were r

strong numbahoo! shocke

enge Google.5

stock price way approach er could Alibes more com

ole in search a

nership furthed hacking atted it was “al

furiously as tthe U.S. and

2010, Jack M-owned Yahobaba and YahChinese prodconsumers.56

operative deaWith Yahoo!e for selling tdid not accep

e in Alibaba worried Ma ta

sitive for Alisaid at the timve more incen

off MicrosoIn the meantiught Yahoo! o companies obao platform

oo! loosenedid not affect

needs drove tdity, but no fu

hift of focus tkey goal wasvice providerbaba Cloud Cs clear where

an inflectionranked the nuber five. Yahed Alibaba by54 Investors hwas at a relatof cooperatio

baba depend mpetitive. By

at Alibaba’s

her fractured tack emanatiigned” with

the evidence d China furth

Ma decided tooo! Japan Shhoo! Japan h

ducts while T6

l was follow’s sale expecthe Alibaba spt.57

Group.50 Altasked his CFO

ibaba if they me. “The bigntive to impr

ft’s takeoverime, Yahoo! China’s portin June 2008m.

d its ties withYahoo!’s Al

the sale. Aliburther moves

to leveragings to expand it. Ma created

Computing an Ma was focu

n point in the umber one an

hoo! did not my outsourcinghad unrelentitive high poinon in the touon Yahoo! dlate 2010, inTaobao unit.

along culturaing from ChiGoogle’s posseemed limit

her widening

o expand Taohopping unit. helped facilitaTaobao-relate

ed by Ma’s ncted to face a stake to Yaho

though SoftBO to spend m

buy Yahoo'sggest benefit rove the com

r attempt, AliChina had b

tal could help8. In August 2

Alibaba by slibaba Groupbaba was happ were made.

g Alibaba Grots share of tha cross-busin

nd Yahoo! Chusing.

Alibaba-Yahnd number thmake it into tg developmeingly criticizent. Now Yahgh search ma

developing sendustry sourc.

al lines. Wheina was causisition on hacted to it.55 Ththe rift betw

obao internatiAlibaba’s Y

ate the deal. Yed TaoJapan w

next offer to p stiff tax bill

oo!’s executiv

Bank normallmost of his tim

s stake, Eric Wof Alibaba's

mpany's perfo

ibaba temporbecome an aftp build on cl2009, Koube

selling its Alp investment.py that YahoThe relation

oup assets toe ecommerceness leadershhina to execu

hoo! relationhree most visthe top ten (sent of its seared Yahoo! fo

hoo! was attearket in lieu oearch technolces noted that

en Google claing it to reexacking and relahe affair escaeen the two c

ionally. He reYahoo! ties as

Yahoo! Japawould list 8 m

purchase Yahof about 40%

ves. Yahoo!

ly only held mme evaluation

Wen, an analmanagemenrmance,” sai

rarily lost its fterthought atassified site K

ei.com left Y

libaba.com h J.P. Morgan

oo! was sellinnship was con

o drive Taobae market by mhip team of sute the Big T

nship. In Chinsited websiteee Exhibit 11

rch technologor not sellingmpting to coof a takeoverlogy to maket Yahoo! tech

aimed in Januamine its Chated censorshalated into a fcompanies.

eengaged wits well as Softan Shopping omillion Japan

hoo!’s stake %, Ma proporeplied with

2011 M

minority stakn their option

lyst at MainFnt having morid Wen.51

chance to ext Alibaba. FoKoubei.comahoo! China

oldings for $n hypothesizeng down its intinuing to dr

ao’s businessmaking Taobsenior managTaobao strateg

na that months respectively1). On Decemgy to Microsog itself to Micompromise byr. Alibaba wa its group of hnology play

uary 2010 thhina operationhip concernsfull diplomat

th Yahoo! thtbank’s finanoffered to lisnese product

in Alibaba inosed a tax effi

a new offer t

1-09-1-197-2eMay 25, 2011

8

kes in its ns.

First Bank re control

xit the or example, ’s success, to

$147 ed that investment rift.

s the Big bao a one-gers from gy in

h, Baidu y. Taobao mber 4, oft in order crosoft y pursuing as stunned.

f e-yed only a

hat an ns, Yahoo! . Alibaba tic spat

hrough its ncial ties to st 50 s for

n the same ficient that

Alibaba-Y

In AugusoperatedChina’s nMicrosof By SepteAlibaba.engine teYahoo!’sas it is fo Despite eCEO CarYahoo! scouldn’t With othbegan toboard memajorityMa’s teamuch tigsupport f Yahoo! hTaobao amoves tomainlandclassified Jack Ma his compYahoo! cKorea andoubt woout that tdecided FortunatrestructuHangzhopermissiLimited.it came t Would Ymore infTaobao’smade a lestimated

Yahoo Case

st 2010, Alibd China’s founumber threeft and Alibab

ember 2010, com CEO Dechnology. Ts money anyor other comp

entreaties frorol Bartz notseparately staforce Yahoo

her Alibaba b speak aboutember to the foreign-cont

am warned Yghter governmfor publicly l

had to weighand Alipay ao revive its prd companies.d ads busines

also worriedpanies’ abilitycontrol over nd the U.S. Rorried about the cultural cit was ready

tely for Ma, hured Alibaba ou Alibaba won to operate Jerry Yang w

to this brinkm

Yahoo! try tofluence over As IPO as Bararge profit cld $11 billion

baba agreed turth most visie search engiba had one w

Jack Ma’s teavid Wei sai

The biggest reymore. In an epanies and gr

om Alibaba, Yted that Alibaated that it wo! to give up

businesses wet asserting mofive person btrolled board

Yahoo! that sument regulatilisting its val

h this danger and reassert cresence in Ch. This move wss.63

d that Yahooy to competeany consume

Realizing so many expansio

challenges ofto enter thes

he had some Group to cre

which held thee in China. Hwas no longe

manship.65

remove AlibAlibaba’s op

rtz had arguedlimbing from

n in value inc

to purchase 1ited web portine after Baid

with Sohu.58

eam was openid, “The biggeason for sucearly 2011 inroups.”60

Yahoo! was aba had been

was still “veryits stake.61

ell positionedore control oboard after O

d as Softbankuch a situatioion in China.luable private

with the oppcontrol over ihina by allowwas partially

!’s increasinge internationaer business emuch successon restrictionf expanding ae markets an

power to limeate a poison e Internet con

He could wither the sole au

baba founderperations, butd for in Septe

m the initial $cluding Taoba

6% of Beijintal at the timedu and Goog

nly frustratedgest thing thach a partnershnterview Ma

not interestedn “constantly”y supportive o

d, Jack Ma neover Alibaba October 25, 2k’s head, Mason would ham This could le units like T

portunity to gits forgotten Ywing its Hongy prompted by

g power on hally. A 2005 xpansion in Gs with Alibab

ns that Taobaabroad were and Yahoo! dis

mit Yahoo!’s pill defense ntent provide

hhold the liceuthority at Ya

r and leader Jt instead wasember 2010.6

$1 billion casao. A Taobao

ng-based Sohe. This would

gle. Now Yah

d with Yahooat has changehip doesn’t esaid, “Capita

d in selling it” approachinof the operat

eeded to resoby exercising

2010. If this hsayoshi Son, mper Alibabalimit Alibaba

Taobao.62

gain more powYahoo! Ching Kong unit ty Ma’s aband

his board coushareholder’Germany, Frba.com smallao might facea more imposagreed?64

influence. Bepreserving h

er (ICP) licenense if othersahoo! able to

Jack Ma? Ma just waiting66 Yahoo!’s Ah infusion ($o IPO could

hu’s search ud make Alibahoo! had a se

o!. Commentd is Yahoo lo

exist.”59 Alibaal for us is re

ts stake in thng her to sell,tion direction

olve the Yahog Yahoo!’s ohappened, Alalso sat on th

a’s growth bya’s ability to

wer to push fna brand. Yahto accept advdoning of Ya

uld give Yaho’s agreement rance, the Unl business us

e. For now, inrtant limitati

efore the Alihis control. Hnse that gaves tried to takeo mediate wit

aybe Yahoo! to extract adAlibaba inve$4 billion deahelp Yahoo!

2011 M

unit Sogou. Saba a partnerarch partners

ting on Yahoost its own seaba also didneally not as im

he group. Yah, but no deal n” of Alibaba

oo! situationoption to addlibaba wouldhe five perso

y making it sugain governm

for faster listihoo! had alrevertising busiahoo! China’

oo! the powewith Yahoo

nited Kingdomers in the U.

ndustry sourcion, but what

baba LimitedHe owned 80%e Alibaba Lime control of Ath his old frie

didn’t reallydditional valuestment had aal value) to an further unlo

1-09-1-197-2eMay 25, 2011

9

ohu r with ship with

oo!, earch-n’t need mportant

hoo!’s was done.

a. Jack Ma

. Bartz d its second d have a on board. ubject to ment

ings of eady made iness from ’s

er to limit ! gave m, South S., Ma no ces pointed t if Taobao

d IPO, he % of mited Alibaba end Ma if

y want ue form already n

ock value

Alibaba-Y

from its had repe Jack Ma on herdindecided ttechnolo Alibaba was not odoubt. OYahoo! icomScorwhile YaYahoo!’ssame pergrew 54.back of iend of 20AmericaSo peoplhave wis

Yet, retu2010, Yatotal $22calculatewas $2.9still (see Februarystorefrondistracte

Could Jaand Jerrystrategic

Yahoo Case

investment aeatedly denied

soon agreedng Internet trto add Sohu’

ogy.68

didn’t see monly flagging

One month bein U.S. onlinre, Inc. By thahoo!’s shares market capriod, Google.9% to $191.innovations s010.70 Jack M

a has declinedle say Yahooshed it had pi

urns on the paahoo!’s stake2 billion marked that the ma9 billion (see

Exhibit 13).y 2011 revelants on the wed Ma, but he

ack Ma and Yy Yang, in 20 sense initial

and force Alibd near-term i

d to partner wraffic to Taob’s Sougu sear

much strategicg in China, before Alibabane search withhe end of 201e had almost p declined by ’s market cap0 billion. Yasuch as the iPMa said, “It’sd. Only after o! China wasnicked a differ

artnership looes in Alibabaket value.72 Aarket value oExhibit 12). The key diff

ations that Alebsite led to te would have

Yahoo! find a005 still holdlly in 2005?

baba to offerinterest in a T

with Microsofbao. Etao’s brch technolog

c sense in mabut also in thea and Yahoo!h a 36.5% sh10, Google’s halved to 1660.8% to $2

p moved by nahoo! looked Phone and iPs not like I ruentering Yahn’t managed rent partner.

oked differena Group as weAlthough Jacof Yahoo!’s r Yahoo!’s ow

fference was libaba.com sthe dismissal to come bac

a way to makd value for tw

r it better termTaobao publi

ft to create a beta version cgy to Etao, b

aintaining thee U.S. Its com! sealed their

hare versus Yshare had ex

6.1%.69 Their 21.8 billion frnearly the sameven weaker

Pad, its markeuined Yahoo!hoo! China dwell, so wha

nt from Yahoell as Yahook Ma disagre

remaining 30wn official acover how to alespeople hof executive

ck and resolv

ke a deal? Diwo public cor

ms for a buyoic offering.67

new search ecame online out no mentio

e Alibaba-Yampetitivenessr partnership

Yahoo!’s 30.5xpanded to a r market capsrom year-endme magnitudr compared tet cap grew b China, it wa

did we discovat? The critic

oo!’s financia! Japan wereeed with such0% stake in thccounting of value privatead systemati

es including Cve the Yahoo

d a transactiorporations ov

out. Unfortun

engine calledon October 9

on was made

ahoo! relations with Googlin August 20

5% accordingdominant tw

s reflected thed 2005 to yeade, but in theo technology

by 387.1% toasn’t good inver Yahoo! Acism doesn’t

al point of vie valued at abh high valuathe publicly-li

f its stake reflely held Taobcally helped CEO David W! issue eventu

on between twver five years

2011 M

nately for Ya

d Etao that w9, 2010. Ma qof Yahoo! C

nship. Yahoole was increa005, Google bg to market re

wo-thirds of their divergentar-end 2010. opposite dir

y leader Applo $297.2 billion the first placAmerica had phurt.”71 Alib

ew. By Novebout half of Ytions, even J.isted Alibabalected a lowebao and Alipset up fraudu

Wei.73 This sually.

wo friends, J later? Had it

1-09-1-197-2eMay 25, 2011

10

ahoo!, Ma

would focus quickly

China’s

o!’s brand asingly in barely led esearcher he market t paths. In the

rection. It le. On the on at the ce. Yahoo! problems.

baba may

ember Yahoo!’s .P. Morgan a Limited er value pay. ulent scandal

Jack Ma t made

Alibaba-Y

Exhibit Exhibit

0

50

100

150

200

250

300(in millions)

Note: “Omonths. Exhibit

56

0

200

400

600

800

1,000

1,200

1,400

(RMB Billions)

Yahoo Case

ts

t 1: Online

55

80

27.6%

45.5%

26.2%2

2007 2008

2007‐2

Onlin

Annu

Onlin

Online Shop.

t 2: Online

.1

128.2

2

113.2%

128.5%

0.6% 1.2%

2007 2008

Online

Shopping A

109

145

36.3%33

6.8%28.4%

2009 20

2013 Online

ne Shoppers (Left Axis

ual Increase in Online

ne Shoppers as % of T

ppers” are d

Shopping I

263.0

475.5

105.2%

80.8%

% 2.1% 3.4

2009 2010e

Shopping in C

Online Shopping VolGrowth Rate (Right A% of National Retail

Actual and

1803.0%

24.1%

30.2%32.4%

10e 2011e

Shoppers in

s)

Shoppers (Right Axis)

Total Online Users (Rig

defined as In

Industry Da

723.0

994.0

52.1%

37

4% 4.6%

2011e 2012

China, 2007‐20

ume (Left Axis)Axis)Sales (Right Axis)

Estimated

213

24518.1%

15.3%

34.6%36.

2012e 2013e

n China

)

ght Axis)

nternet users

ata, 2007-2

1,269.2

.5%

27.7%

5.6% 6.5%

0%

20%

40%

60%

80%

10

12

14

2e 2013e

013

User Grow

%

2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

e

s who shop

01375

%

%

%

%

%

0%

0%

0%

wth, 2007-2

online at lea

2011 M

01374

ast once eve

1-09-1-197-2eMay 25, 2011

11

ery six

Alibaba-Y

Exhibit CategoryGender

RelationStatus

Age

Educatio

Monthly(RMB)

Exhibit

Pai(Tencen

Yahoo Case

t 3: Profile

y SuMFe

nshipSi

MU1825313640

on NHJuUMD

y Income U501,1,2,2,3,4,5,6,10

t 4: Third P

ipai nt), 9.9%

EachNet (e& TOM Onli

6.0%

of China’s

ubcategoryMale

emale

ingle

MarriedUnder 188-245-301-356-400+

No High Schooigh School

unior CollegeUniversityMasters

octorate+Under 50000-1,000000-1,500500-2,000000-2,500500-3,000000-4,000000-5,000000-6,000000-10,000

0,000+

Party Onlin

Bay ine),

Online Sho

Percentage58.0%42.0%

64.1%

35.9%1.0%

44.8%33.3%11.4%5.2%4.3%2.6%

11.6%32.6%43.0%9.2%1.0%

18.3%7.8%

11.9%14.1%11.7%10.4%9.7%6.2%3.8%4.2%1.8%

ne Shopping

Yo

oppers, 200

%%

%

%%%%%%%%%%%%%%%%%%%%%%%%

g Sites’ Ma

Taobao (Alibaba), 83.8%

oua (Baidu), 0.3%

0976

arket Sharees77

2011 M

1-09-1-197-2eMay 25, 2011

12

Alibaba-Y

Exhibit200978

Exhibit

1

1

2

2

RMB Bil

RMB BiTaobaoeBay/EPaiPai

Yahoo Case

t 5: Third P

t 6: Flow Ch

0

50

100

150

200

250

200

llions

illionsoEachNeti

Party Onlin

hart of B2C

04 200Taobao

20041.02.50.0

ne Shopping

C and C2C

5 2006o eBay

2005 28.0 15.00.4

g Platforms

transaction

6 2007y/EachNet

2006 216.7 436.0 40.8 4

s Transacti

ns79

7 2008PaiPai

007 203.3 100.4.0 9.4.5 11.

ion Volume

8 2009

008 200.0 208.3.4 14.9.9 24.5

2011 M

e Growth, 2

09395

1-09-1-197-2eMay 25, 2011

13

2004-

Alibaba-Y

Exhibit

ExhibitJune 7,

C

Online

Third

Yahoo Case

t 7: Usage P

t 8: Yahoo! 2005-Nove

Telepho

Mobile Pho

Payment

Mail

Card Payment

Bank

Cash

e Banking Dire

d‐party Payme

Profile of O

Stock Pricember 8, 20

0

one Payment

Other

one Payment

t on Delivery

Remittance

t on Delivery

k Remittance

h on Delivery

ect Payment

ent Platform

Online Shop

ce (in USD) 01081

0.1%

0.2%

0.3%

1.1%

1.2%

2.3%

2.7%

12

0% 10% 2

pping Paym

& Volume

2.5%

21.1%

20% 30% 4

ment Method

e Chart from

40% 50% 6

ds, 200980

m Before A

58.7%

60% 70%

2011 M

Alibaba Tra

1-09-1-197-2eMay 25, 2011

14

ansaction,

Alibaba-Y

Exhibit RevenuesGross proNet incom

Lesi

Net incomNet incom

stockh

ExhibitNovemb

Yahoo Case

t 9: Yahoo!

s ofit me ss: Net incominterests me attributabme attributabholders per sh

t 10: Alibabber 8, 2010

’s Simplifie

me attributable

le to Yahoo! le to Yahoo!

hare—diluted

ba Three Y083

ed Income S

e to noncontro

Inc. Inc. common

ear Stock P

Statements

olling

n

Price (in HK

s, 2007-2009

Y 2007 (In thou $ 6,969,2 4,130,5 642,0

(2,8 $ 639,1

$ 0

KD) & Volu

982

Years Ended 20

usands, excep274 $ 7,20516 4,18005 42

850) 155 $ 4

.47 $

ume Chart

2011 M

December 3008 pt per share a08,502 $ 85,140 24,686

(5,765) 18,921 $

0.29 $

t, November

1-09-1-197-2eMay 25, 2011

15

1,

2009

amounts)

6,460,315 3,588,569

605,289

(7,297) 597,992

0.42

r 8, 2007-

Alibaba-Y

Exhibit Rankin

1 2 3 4 5 6 7

8

9 10

Note: Th

Exhibit

ExhibitAs of De

Alibaba GAlibaba.cYahoo! JaOther

Tot Note 1: S

Shares OPrice (YeYen per $Price ($UMarket C

Yahoo!'s Market VInvestmenTax RateTax on LAfter Ta

Yahoo Case

t 11: China

ng InterneBaidu.comQQ.com Google.cnSina.com.Taobao.coGoogle.co163.com

Sohu.com

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10.

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2010.

10.

2010. Web.

22, 2010.

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Score, Inc., Rankings”

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! Inc. “2005 &nc. “2005 & 2c. “2006 & 20ahoo! Finance

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w Ross Sorkin28, 2010.

n Hille. “Aliba

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! Inc. “2009 10

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& 2010 10-K.”

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n. “A Key Figu

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. November 1

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Annual Report

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t.” P. 58. Sunn

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nology, Comm

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t.” Pp. 78-79.

ale, CaliforniaView, Califor1. Cupertino, CApril 26, 201

ol and Resista1. Print. April

ure of Yahoo.”

Online Frauds.”

g Research Re

ng Research R

ng Research R

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” ft.com. Febr

eport, 2009-20

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Report, 2009-2

Report, 2009-2

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Report, 2009-2

rnia: Yahoo! I

nd Media: Chin

justing Estima2010.

oo! Inc., 2006,

alifornia: Yah

, 2006, 2011. nc., 2006, 201pple Inc., 2006

from “雅虎 VS

imes. Septemb

ruary 21, 2011

010. P. 15. 20

010. P. 16. 20

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Inc., 2009. We

na.” Euromon

ates for MSFT

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hoo! Inc., 2009

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Web. April 26

11. Web. April6, 2011. Web.

S 阿里巴巴：

ber 10, 2010.

1. Web. Octob

010. Web. Oct

010. Web. Oct

010. Web. Oct

010. Web. Oct

010. Web. Oct

10. Web. Octo

010. Web. Oct

eb. October 26

nitor Internatio

T Search Trans

April 26, 2011

9. Web. Octob

1-09-1-197-2eMay 25, 2011

22

6, 2011.; l 26, 2011.; April 26,

控制与反

Web.

ber 28, 2010.

tober 28,

tober 28,

tober 28,

tober 28,

tober 28,

ober 28,

tober 28,

6, 2010.

onal, 2010.

sition.” P. 4.

.

ber 26, 2010.

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