Economy

Alipay settlement in 'substantive progress'

(Xinhua)
Updated: 2011-06-22 13:30

HANGZHOU - China's Alibaba Group on Wednesday said the company and its major stakeholders Yahoo! Inc. and Softbank Corporation "have made substantive progress" toward an agreement to settle the dispute over the status of Ailibaba's popular on-line payment platform Alipay.

"Alibaba Group and its major shareholders, Yahoo! Inc. and Softbank Corporation continue to be engaged in constructive negotiations," says a joint statement of the three provided to Xinhua by Alibaba.

"Our objective is to reach an agreement in a timely manner that serves the interests of all stakeholders," it said.