Yahoo R&D Center Approved by Alibaba
Alibaba Group Senior Vice President Wang Shuai told Sohu May 20 that Yahoo's (Nasdaq:YHOO) decision to establish a global software R&D center in Beijing underwent approval by Alibaba. Wang said Yahoo cannot conduct Internet business in China and that the company's China brand belongs to Alibaba. The Hangzhou-based e-commerce company approved the Beijing center due to the benefits afforded by Chinese R&D and Yahoo's current global situation, said Wang.
QQ.com reported yesterday that Yahoo planned to announce the new global center in June. Yahoo spent $1 billion on the purchase of about 40% stake in Alibaba in 2005.
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