Yahoo shares down after statement on Alipay restructuring (Reuters)
(Reuters) – Shares of character Inc (YHOO.O) were downbound 5 percent after the consort said the Alibaba Group restructured the control of Alipay without its knowledge.
Yahoo, which owns 43 percent of Alibaba Group, said on Thursday that the restructuring occurred "without the noesis or support of the Alibaba Group board of directors or shareholders.
The move hurts character because its wager in Alibaba Group, which also owns China's largest e-commerce company, Alibaba.com (1688.HK), is considered digit of its most valuable assets.
Yahoo shares were trading at $16.30 in pre-market change on Friday.
(Reporting by Aditi Sharma in Bangalore)
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