Web Portal Of Yahoo China Closed

Operated by Chinese e-commerce and Internet services giant Alibaba Group, Yahoo China, has unfortunately closed its Web portal. A good-bye message is now displayed on the site that later redirects visitors to now.taobao.com which is a news site that is run by Alibaba Group’s Taobao.

In accordance with a 2012 agreement made between Alibaba Group and Yahoo consisting of Yahoo China’s employees, the good-bye message says the decision to shutdown Yahoo China’s portal is to move on to new positions within Alibaba.

One of the last steps in Alibaba Group’s decision to gradually take down the Yahoo-branded services it operates after the concluding of Yahoo China’s portal comes two weeks after Yahoo’s email service in China shutdown, after which users were asked to transfer their accounts to Alibaba’s Alimail. Yahoo China finished its Chinese music service, mentioning an adjustment to its product strategy. Reportedly, in 2005, Yahoo has paid $1 billion for a 40% stake in Alibaba, before the company grew into the spine of China’s rapidly expanding e-commerce market.

Alibaba closed an initial repurchase of its shares from Yahoo for $7.6 billion in September. As a part of the deal, to operate Yahoo China’s brand for up to four years, Yahoo has agreed that Alibaba Group can continue. Decision was taken by Alibaba Group’s that would gradually conclude operating its Yahoo-branded properties which claims to be a reminder of the fight back that major U.S. Internet companies that includes eBay, Google and Amazon have faced in China because of confluence of factors including failure to localize effectively, government censorship and the swift rise of Chinese companies like Baidu and Tencent.

Remaining 24% of Yahoo’s stake in the Chinese company is expected to go communal within the next two years as analyst, estimate it to be worth about $14 billion.

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