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Yahoo! Inc. (Nasdaq: YHOO) stock has risen as much as 200% since Marissa Mayer stepped in as CEO and the Alibaba stake came more into focus. This meteoric rise represented investor interest in Yahoo's large position in Alibaba Group Holding Ltd. (NYSE: BABA) and thus one of today's most promising growth markets: Chinese e-commerce. Yet by the end of the year, Yahoo will separate out its 15% stake in Alibaba. This sounds dire for the struggling online company. But after the spin-off, the surviving Yahoo business sans Alibaba won't be on its own. It will have attached to it a very valuable stake in Japan's largest online property, Yahoo! Japan. And that's why Yahoo's eventual exit from Alibaba shouldn't prompt investors to head for the exit – the Yahoo stock price can deliver post-Alibaba.