The value of Yahoos core business is officially getting closer to zero.雅虎(Yahoo)核心业务的价值正趋近于零。Yahoos stake in Alibaba is worth about $26 billion, according to the Chinese e-commerce giants 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)周二递交的首次公开发表IPO(IPO)申请人文件，雅虎持有人的阿里巴巴股份价值大约260亿美元。阿里巴巴回应，该公司4月份对自身的估值为每股50美元，雅虎持有人该公司5.236亿股股票。

The valuation gives credence to analysts long-mentioned estimate that Yahoos 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：在去除雅虎持有人的阿里巴巴、雅虎日本(Yahoo Japan)股份后，最少对股东来说，雅虎的核心业务完全一文不值。雅虎在雅虎日本持有人的股份估值为90亿美元。Together, those stakes are worth about $35 billion, just under Yahoos current market capitalization of $36.7 billion.雅虎持有人的阿里巴巴和雅虎日本的股份总价值大约为350亿美元，仅有略低于雅虎目前367亿美元的市值。

Of course, Alibabas valuation doesnt 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 Yahoos core business will indeed be worth less than zero.当然，阿里巴巴的估值并不还包括今年秋天预计发售的IPO股份，也没考虑到阿里巴巴股价远高于50美元的情况，这意味著雅虎核心业务的价值甚至将变为负值。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年耗资10亿美元并购了阿里巴巴24%的股权。

2012年，阿里巴巴表示同意买入价值76亿美元的股票。阿里巴巴称之为，目前雅虎持有人该公司22.6%的股权，需在IPO过程中出售2.08亿股股票，根据近期的公允价值，这部分将要出售的股权价值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申请人文件中称之为，该公司2012年向雅虎缴纳了5.61亿美元的知识产权酬劳。

IPO之后，阿里巴巴需要再行向雅虎缴纳知识产权酬劳。去年，阿里巴巴还耗资7,000万美元从雅虎出售专利。

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