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Joint Statement from Alibaba Group, Yahoo! Inc., and Softbank Corp. Regarding Alipay

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^{Published in Science and Technology on Tuesday, June 21st 2011 at 18:20 GMT by Market Wire}  

SUNNYVALE, Calif.--([ BUSINESS WIRE ])--In response to inquiries regarding the status of their Alipay discussions, Yahoo! (NASDAQ:YHOO), Softbank, and Alibaba Group today issued the following statement:

"Endeavoring to benefit society and the economy and maximize enterprise value by fostering the sharing of wisdom and knowledge gained through the IT revolution."

aAlibaba Group and its major shareholders, Yahoo! Inc. and Softbank Corp. continue to be engaged in constructive negotiations, and we have made substantive and encouraging progress toward an agreement regarding Alipay. Our objective is to reach an agreement in a timely manner that serves the interests of all stakeholders. The companies will not comment in further detail until it is appropriate to do so.a

About Alibaba Group

Alibaba Group is a global e-commerce leader and the largest e-commerce company in China. Since it was founded in 1999, Alibaba Group has grown to include the following core businesses: Alibaba.com (HKSE: 1688; 1688.HK), Alibaba Group's flagship company and the world's leading B2B e-commerce company; Taobao, China's largest online retail website and a onestop platform for shopping, socializing and information sharing; Alibaba Cloud Computing, a developer of advanced datacentric cloud computing services; and China Yahoo!, one of China's leading Internet portals.

About Softbank

SOFTBANK is a leading internet company, providing mobile communications, broadband infrastructure, fixed-line telecommunications, internet content and culture, and a range of other services. SOFTBANK declares its company mission aEndeavoring to benefit society and the economy and maximize enterprise value by fostering the sharing of wisdom and knowledge gained through the IT revolution.a and it continuously pursues content and service synergies within and throughout its group companies.

About Yahoo!

Yahoo! (NASDAQ:YHOO) is the premier digital media company, creating deeply personal digital experiences that keep more than half a billion people connected to what matters most to them, across devices and around the globe. And Yahoo!'s unique combination of Science + Art + Scale connects advertisers to the consumers who build their businesses. Yahoo! is headquartered in Sunnyvale, California. For more information, visit the pressroom ([ pressroom.yahoo.com ]) or the company's blog, Yodel Anecdotal (yodel.yahoo.com). Yahoo! is the trademark and/or registered trademark of Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owners.