为什么有人说:雅虎核心资产一文不值
The value of Yahoo's core business is officially getting closer to zero.
雅虎(Yahoo)核心业务的价值正趋近于零。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.
根据中国电商巨头阿里巴巴(Alibaba)周二提交的首次公开募股(IPO)申请文件，雅虎持有的阿里巴巴股份价值约260亿美元。阿里巴巴表示，该公司4月份对自身的估值为每股50美元，雅虎持有该公司5.236亿股股票。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.
这一估值印证了分析师长久以来的猜测：在剔除雅虎持有的阿里巴巴、雅虎日本(Yahoo Japan)股份后，至少对股东来说，雅虎的核心业务几乎一文不值。雅虎在雅虎日本持有的股份估值为90亿美元。
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总价值约为350亿美元，仅略低于雅虎目前367亿美元的市值。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.
当然，阿里巴巴的估值并不包括今年秋天预计发售的IPO股份，也没有考虑阿里巴巴股价远高于50美元的情况，这意味着雅虎核心业务的价值甚至将变成负值。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年斥资10亿美元收购了阿里巴巴24%的股权。2012年，阿里巴巴同意回购价值76亿美元的股票。阿里巴巴称，目前雅虎持有该公司22.6%的股权，须在IPO过程中出售2.08亿股股票，根据最新的公允价值，这部分即将出售的股权价值104亿美元。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申请文件中称，该公司2012年向雅虎支付了5.61亿美元的知识产权费。IPO之后，阿里巴巴无需再向雅虎支付知识产权费。去年，阿里巴巴还斥资7,000万美元从雅虎购买专利。
