One of the reasons why I am so bullish on Taobao and Alipay is based on my on-the-ground research in China and discussions with users and competitors.

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The restructuring was done in efforts to facilitate obtaining a Chinese regulatory license for Alipay, which it subsequently received on May 26, 2011.

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The effect on the income statement is absolutely immaterial by deconsolidating Alipay because the current financials and economic flow is really captured in Taobao and that will remain going forward and be consolidated.

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Since the news of the move broke, Yahoo shares have fallen sharply, on fears that it will not be properly compensated for its share of the Alipay.

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On May 11, Yahoo disclosed in an SEC filing that Alibaba Group had transferred ownership of its Alipay online payments business to Alibaba CEO Jack Ma.

FORBES: Connect