They have reached a agreement that the 40% equity interest hold by yahoo will first be redeemed 20 percent by alibaba, while the other 10% will be cashed（套现） no later than in 2015.And the remaining shares will be disposed until alibaba goes public..
The agreement stated that Alibaba Group will pay the future of intellectual property rights fee(未来知识产 权使用费） amounting to $ 550 million in advance, and can continue to pay for it up to four years.
Factor 2: pressure
Chinese domestic costs rise, such as labor force, tax, and equipment.
Factor 3 ;tactics＆Strategy
Why did Alibaba choose New York over Hong Kong for its anticipated IPO?
List in the US.
listed shares before Alibaba IPO
AfterJD’s warm-up,bring on the Alibaba IPO
If the successful US market debut for
was the undercard,it bodes well for Alibaba to go public.
Hong Kong Exchanges and Clearing Limited
NASDAQ
Choose Hongkong
Partner system
Failed in Hongkong
Negotiation failed

NASDAQ’s initiative action
Still have some difficulties
B2B
trading platform 交易平台
e-commerce 电子商务
eBay 美国电子商务公司
Alipay 支付宝
Why does Alibaba have to go public?
FACTOR 1: YAHOO
2012, buy-back（回购）
May 2012, Alibaba Group spent $ 6.3 billion in cash and no more than 800 million U.S. dollars of new preferred shares of stock(优先股）, to repurchase the equity held by Yahoo.
Alibaba
founded in 1999
online trading platform for e-commerce
companies includ：B2B business trade, online retail, shopping search engines, third-party payment and cloud computing services. Group's subsidiaries and affiliates sales volume