Alibaba.com Ltd., Yahoo and Softbank Corp signed an agreement on the equity transfer of Alipay. The agreement clearly stipulates that Alipay will continue to provide services for Alibaba and the related companies, and Alipay agreed to give Alibaba a one-time cash return payment when the IPO goes public. The total return will amount to 37.5% of the market value of Alipay (based on the IPO price) and also should be between 2 billion dollars and 6 billion dollars. Alipay and its affiliate companies will be granted the necessary IPRs, as well as relevant software services on the condition of paying the fees, accounting to 49.9% of its earnings before tax. Alipay will no longer have to pay the fee after its or the holding companies’ IPO or should other liquidation events occur on either side.