The latest harsh words in what appears to be an increasingly rocky relationship between Alibaba.com and its 39 percent owner Yahoo: An Alibaba spokesman tells the Financial Times that his company might have to “further reevaluate our relationship with Yahoo” because Yahoo’s Hong Kong site is apparently interested in soliciting ads from advertisers in mainland China.

No details on what that “reevaluation” could mean. The comments come, however, as Alibaba has publicly said it wants to buy out Yahoo’s holdings in the company and has spent much of the last year seemingly going out of its way to antagonize its biggest shareholder.

In January, for instance, Alibaba called Yahoo (NSDQ: YHOO) “reckless,” after Yahoo put out a very general statement supporting Google’s actions in China. Last summer, Alibaba also removed its classifieds listings from Yahoo China, a move which apparently did not please Yahoo executives at all.

There’s been constant speculation that Yahoo will unload its stake in Alibaba, although the company has said it has no immediate plans to do so. Yahoo CEO Carol Bartz said this summer that the company was “aware that a great amount of our value to our shareholders is Alibaba and Yahoo Japan” and said that “over time, we will figure out how to monetize that for you.”

Meanwhile, Alibaba has been making its own forays into Yahoo’s home territory, with the purchase of two U.S.-based e-commerce related companies over the last two months.

For its part, Yahoo says, that it “maintains a 39 percent stake in Alibaba” and “China-based companies buying ads on the Yahoo! Hong Kong network does not affect the investment.”

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