Structure, interactions and decays of hyperons can be studied at an electron-positron collider in annihilations to a hyperon-antihyperon pair. This method already has huge impact on hyperon physics since it was used in a first modern measurement of decay asymmetry in the weak decay and the result calls for reinterpretation of all polarization results for the Λ hyperon. In the experiment by the BESIII Collaboration nearly half million events were used. The pair production process involves two (complex) hadronic form factors. The observed large relative phase ΔΦ between the form factors, (42.4±0.6±0.5)°, makes it possible to use both transverse polarization and the spin correlations of the pair to simultaneously measure decay parameters for Λ and hyperons. Of particular importance is the result for the decay asymmetry parameter α− in the most probable Λ decay used to determine Λ polarization. The new α− value from BESIII, 0.750±0.009±0.004, is 17(3)% larger than the world average of 0.642 ± 0.013 adopted by all experiments between 1978 and 2019 to determine Λ polarization from the measured asymmetry in the decay proton distribution. A comparison of the concurrently measured at BESIII α− and α+, the parameter for the charge conjugated process , results in a direct CP symmetry test for the hyperon.The reaction was studied at BESIII also outside the J/ψ resonance using 66.9 pb−1 collected at GeV. The result is the first complete determination of the time-like elastic form factors GM and GE for any baryon including the relative phase ΔΦ = arg(GE/GM ) of (37 ± 12 ± 6)°. The absolute normalization of the form factors is set by the determined Born cross section of σ Born= 119.0 ± 5.3 ± 5.1 pb. In a separate run at GeV, 1.0 MeV above threshold for , a surprisingly large cross section for of 305 ± pb was measured.