Two men talk beside a logo of Alibaba (China) Technology Co. Ltd at its headquarters on the outskirts of Hangzhou, Zhejiang province, in this file picture taken May 17, 2010. [Photo / Agencies]

HANGZHOU -- China's Alibaba Group on Wednesday said the company and its major stakeholders Yahoo! Inc and Softbank Corporation "have made substantive progress" toward an agreement to settle the dispute over the status of Ailibaba's popular on-line payment platform Alipay.

"Alibaba Group and its major shareholders, Yahoo! Inc. and Softbank Corporation continue to be engaged in constructive negotiations," says a joint statement of the three provided to Xinhua by Alibaba.

"Our objective is to reach an agreement in a timely manner that serves the interests of all stakeholders," it said.