HANGZHOU, China, May 29, 2012 /PRNewswire-Asia/ -- On February 9, Alibaba, a leading B2B Company, suspended trading of their stock on the Hong Kong Stock Exchange.

US Internet pioneer Yahoo, which has been struggling with cash flow and market relevance, has agreed to sell its stake in China’s top e-commerce player, Alibaba, for at least $7.1 billion, the two companies announced this weekend.

Yahoo and its longtime Chinese partner Alibaba are in the midst of complex negotiations to restructure the California-based web portal and search engine company's Asian holdings.

Since Yahoo co-founder Jerry Yang announced his departure, the lifeboats appear to be lowering in what could become a mass exodus from the struggling search portal.

Veteran web giant Yahoo announced today that PayPal President Scott Thompson will be taking over as the company’s chief executive.