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Here were Tim Hanson's comments on Global Gains, you may find them interesting

I think this is being overblown. First, it was well-known that if the Chinese authorities considered Alipay a banking business (likely), its ownership would need to be restructured. Foreigners cannot control Chinese banks. Second, there is no way Jack Ma would steal an asset from Yahoo. Not only would that destroy his international credibility (particularly since he has been celebrated heretofore for his ethics), but robbing Yahoo would also mean robbing Softbank -- where he is a board member. Should Softbank collude to defraud Yahoo, then Yahoo could likely sue them in the US or Japan -- where they have lots of assets Yahoo could get their hands on. Finally, there is a demonstrated work around here, and one that was just used to take Renren public (which is considered a communications business in China). That’s for Alipay to agree to a contract with Alibaba Group that enables the economic benefits it creates to accrue to the parent company. I suspect that contract is being worked on now.
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