2011年04月06日

如果雅虎真能“spinoff”日本雅虎的话，其实尽管阿里巴巴集团这部分没上市的情况下应该也可以这样做吧？如果真能这样做的话，不就解决了马云的问题吗？我一直觉得巴茨没办法给出一个马云能接受的价钱的原因其实是因为她根本就不是“老板”，没办法定价（所以只能定得很高）。如果把这部分交给市场来定价似乎

Source: http://nteswjq.blog.163.com/blog/static/126998120113713318993/

April 6, 2011

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2011-04-07 · [Original link](http://nteswjq.blog.163.com/blog/static/126998120113713318993/) ([archived](https://web.archive.org/web/20191015010903/http://nteswjq.blog.163.com/blog/static/126998120113713318993/))

> This post includes letters from others or quoted material; Duan Yongping's own words are marked separately.

[Here the original reposted the English MarketWatch article "Four blue chips ripe for spinoffs" (by Hilary Kramer); it is not Duan Yongping's words and is not included. See the archived page linked at the top.]

If Yahoo really can "spin off" Yahoo Japan, then even with the Alibaba Group part not listed, it should be able to do the same, shouldn't it?

If it really could, wouldn't that solve the Jack Ma problem? I've always felt the reason Bartz couldn't offer a price Jack Ma would accept is that she simply isn't the "boss" and has no way to set a price (so she can only set it very high). Letting the market price this part seems like a way out. If Jack Ma thinks it's cheap he can just buy it back directly; if he thinks it's expensive, let it be. Either way, the votes would then be in the hands of minority shareholders, and Alibaba Group would become the actual controlling holder. But doing this seems quite complicated, and I don't think there's been a precedent.

Thinking it over carefully, Yahoo is actually a bit like a cigar-butt stock.