爲什麼有人說:雅虎核心資產一文不值
The value of Yahoo's core business is officially getting closer to zero.
雅虎(Yahoo)核心業務的價值正趨近於零。Yahoo's stake in Alibaba is worth about $26 billion, according to the Chinese e-commerce giant's IPO filing on Tuesday. Alibaba said it valued its shares in April at $50, and Yahoo owns 523.6 million shares.
根據中國電商巨頭阿里巴巴(Alibaba)週二提交的首次公開募股(IPO)申請文件，雅虎持有的阿里巴巴股份價值約260億美元。阿里巴巴表示，該公司4月份對自身的估值爲每股50美元，雅虎持有該公司5.236億股股票。The valuation gives credence to analysts' long-mentioned estimate that Yahoo's business is worthless, at least to shareholders, after backing out its stakes in Alibaba and Yahoo Japan, another Asian asset where it has a stake estimated at $9 billion.
這一估值印證了分析師長久以來的猜測：在剔除雅虎持有的阿里巴巴、雅虎日本(Yahoo Japan)股份後，至少對股東來說，雅虎的核心業務幾乎一文不值。雅虎在雅虎日本持有的股份估值爲90億美元。
Together, those stakes are worth about $35 billion, just under Yahoo's current market capitalization of $36.7 billion.
雅虎持有的阿里巴巴和雅虎日本的股份總價值約爲350億美元，僅略低於雅虎目前367億美元的市值。Of course, Alibaba's valuation doesn't include the amount of shares it will sell in the IPO, expected in the fall, and the share price could go well above $50, meaning Yahoo's core business will indeed be worth less than zero.
當然，阿里巴巴的估值並不包括今年秋天預計發售的IPO股份，也沒有考慮阿里巴巴股價遠高於50美元的情況，這意味着雅虎核心業務的價值甚至將變成負值。Yahoo paid $1 billion for a 24% stake in Alibaba in 2005 and in 2012 Alibaba agreed to repurchased $7.6 billion in shares. Yahoo now owns 22.6%, according to Alibaba, and is required to sell 208 million shares in the IPO, worth $10.4 billion based on the most recent fair value.
雅虎2005年斥資10億美元收購了阿里巴巴24%的股權。2012年，阿里巴巴同意回購價值76億美元的股票。阿里巴巴稱，目前雅虎持有該公司22.6%的股權，須在IPO過程中出售2.08億股股票，根據最新的公允價值，這部分即將出售的股權價值104億美元。Alibaba paid Yahoo $561 million in 2012 to license its intellectual property, the filing said. Alibaba is not required to pay licensing fees to Yahoo following the IPO. Last year, the Chinese company also bought patents from Yahoo for $70 million.
阿里巴巴在IPO申請文件中稱，該公司2012年向雅虎支付了5.61億美元的知識產權費。IPO之後，阿里巴巴無需再向雅虎支付知識產權費。去年，阿里巴巴還斥資7,000萬美元從雅虎購買專利。
