Internet-sector exchange traded funds fell Wednesday along with top holding Yahoo (NasdaqGS: YHOO) after the company in a filing said the ownership of Alibaba Group’s online payment business, Alipay, was restructured.
Yahoo has an ownership stake in Alibaba. The stock was down nearly 6%.
Yahoo in the filing said the Chinese online-payment business was restructured so that 100% of its outstanding shares are held by a Chinese domestic company which is majority owned by Alibaba Group’s chief executive.
Yahoo is a big component in Internet HOLDRS (AMEX: HHH), which slipped more than 1%. Yahoo is 12% of the ETF.
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