Online Auction, Alibaba | featured news

Alibaba Group announced a major restructuring of its key Taobao unit, splitting the popular Chinese e-commerce platform into three separate companies focused on different market segments.

Yahoo executives said they had made "significant progress" with Alibaba Group to settle a row over ownership of a key unit that affects the value of the U.S. Internet giant's investment in its Chinese partner.

Alibaba.com CEO David Wei resigned after an internal investigation found that more than 2,300 sellers on the e-commerce site were committing fraud, sometimes with the help of Alibaba.com sales staff.

The online auctioneer views partnerships as the best way to generate business in China.