Following the successful acquisition of Yahoo's (YHOO) property in China, Alibaba has now turned its eyes to 1pai.com, an online auction venture between Yahoo China and Sina.com (SINA) in which Sina.com holds a 33% stake.

When Alibaba acquired Yahoo China, it did not include 1pai.com in the deal. So currently, the only asset of Yahoo China that does not belong to Alibaba is the 33% of stake held by Sina.com.

Insiders tell local media that Alibaba is in negotiation with Sina.com on the purchase of that, but the two sides have not reached a final agreement. Nor have they disclosed the price of the transaction.