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Hi Fools,

Yahoo recently found out that Jack Ma, the chairman of Alibaba group which Yahoo has a stake in has spun off the most valuable part of the group: Alipay to a company owned by him. Jack did this without board knowledge or approval. The reasoning was to speed up People Bank of China approval for payment service as it favors domestic bank. Yahoo stated that it is going to try to get compensation, but I will say good luck. The controversy confirms once again why the Chinese discount exists, and why China should continue to be pressured on to open its markets. The US and its allies is right to be worry about a dictatorship government with disproportionate control of world economic resources.

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