<SEC-DOCUMENT>0001193125-14-333716.txt : 20141017
<SEC-HEADER>0001193125-14-333716.hdr.sgml : 20141017
<ACCEPTANCE-DATETIME>20140905161700
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-333716
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140905

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alibaba Group Holding Ltd
		CENTRAL INDEX KEY:			0001577552
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALIBABA GROUP SERVICES LIMITED, 26/F
		STREET 2:		TOWER ONE, TIMES SQUARE, 1 MATHESON ST.
		CITY:			CAUSEWAY BAY
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		852-2215-5100

	MAIL ADDRESS:	
		STREET 1:		C/O ALIBABA GROUP SERVICES LIMITED, 26/F
		STREET 2:		TOWER ONE, TIMES SQUARE, 1 MATHESON ST.
		CITY:			CAUSEWAY BAY
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL></P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">I<SMALL>CBC</SMALL> T<SMALL>OWER</SMALL>, 35<SMALL>TH</SMALL> F<SMALL>LOOR</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 G<SMALL>ARDEN</SMALL> R<SMALL>OAD</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">H<SMALL>ONG</SMALL> K<SMALL>ONG</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(852) 2514-7600</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F<SMALL>ACSIMILE</SMALL> (852)&nbsp;2869-7694 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D<SMALL>IRECT</SMALL> D<SMALL>IAL</SMALL> N<SMALL>UMBER</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">+852-2514-7630</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SMALL></SMALL><SMALL></SMALL>&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom" ALIGN="right">E-M<SMALL>AIL</SMALL> A<SMALL>DDRESS</SMALL><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">lchen@stblaw.com</P></TD>
<TD NOWRAP VALIGN="bottom"><SMALL></SMALL><SMALL></SMALL>&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">September&nbsp;5, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Mara&nbsp;L. Ransom, Assistant Director </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Jennifer Thompson, Accounting Branch Chief </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Dietrich King, Legal Branch Chief </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Lisa Kohl, Senior Attorney </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Jarrett Torno, Staff Accountant </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Alibaba Group Holding Limited</B> </TD></TR></TABLE>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;6 to Registration Statement on Form F-1</B> </TD></TR></TABLE>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;333-195736</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Alibaba Group Holding Limited, a company organized under the laws of the Cayman Islands (the &#147;Company&#148;), we
enclose herewith for filing via EDGAR with the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended, Amendment No.&nbsp;6 (&#147;Amendment No.&nbsp;6&#148;) to the Company&#146;s Registration
Statement on Form F-1 (the &#147;Registration Statement&#148;). The Company notes that it has included the estimated range of the offering price for its initial public offering and related disclosure in the preliminary prospectus which forms a part
of Amendment No.&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We enclose herewith 20 courtesy copies of Amendment No.&nbsp;6, which is marked to show changes made to
Amendment No.&nbsp;5 to the Registration Statement (&#147;Amendment No.&nbsp;5&#148;) filed with the Commission on August&nbsp;27, 2014 (the &#147;August 27 Filing&#148;). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Leiming&nbsp;Chen&nbsp;&nbsp;&nbsp;&nbsp;Philip&nbsp;M.J.&nbsp;Culhane&nbsp;&nbsp;&nbsp;&nbsp;Daniel&nbsp;Fertig&nbsp;&nbsp;&nbsp;&nbsp;
Anthony&nbsp;D.&nbsp;King&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celia&nbsp;C.L.&nbsp;Lam&nbsp;&nbsp;&nbsp;&nbsp;Chris&nbsp;K.H.&nbsp;Lin&nbsp;&nbsp;&nbsp;&nbsp;Jin&nbsp;Hyuk&nbsp;Park<BR>Kathryn King Sudol&nbsp;&nbsp;&nbsp;&nbsp;Christopher K.S.
Wong&nbsp;&nbsp;&nbsp;&nbsp;Resident Partners</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL>, H<SMALL>ONG</SMALL> K<SMALL>ONG</SMALL> <SMALL>IS</SMALL>
<SMALL>AN</SMALL> <SMALL>AFFILIATE</SMALL> <SMALL>OF</SMALL> S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> LLP <SMALL>WITH</SMALL> <SMALL>OFFICES</SMALL> <SMALL>IN</SMALL>:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">N<SMALL>EW</SMALL>&nbsp;Y<SMALL>ORK</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">B<SMALL>EIJING</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">H<SMALL>OUSTON</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">L<SMALL>ONDON</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">L<SMALL>OS</SMALL>&nbsp;A<SMALL>NGELES</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">P<SMALL>ALO</SMALL>&nbsp;A<SMALL>LTO</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>&Atilde;O</SMALL>&nbsp;P<SMALL>AULO</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>EOUL</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">T<SMALL>OKYO</SMALL></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">W<SMALL>ASHINGTON</SMALL>,&nbsp;D.C.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company, we wish to thank you and the other members of the staff of the
Commission (the &#147;Staff&#148;) for your prompt response to the Company&#146;s request for comments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will commence its
road show activities on September&nbsp;8, 2014 and expects to price the initial public offering on or about September&nbsp;18, 2014. We would greatly appreciate the Staff&#146;s willingness to work with the Company to achieve this offering
timetable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has responded to all of the comments contained in the letters from the Staff dated August&nbsp;29, 2014 (the
&#147;August 29 Comment Letter&#148;) and September&nbsp;4, 2014 (the &#147;September 4 Comment Letter&#148;) by revising the August&nbsp;27 Filing or providing explanations in response to the comments. In addition to the amendments made in response
to the Staff&#146;s comments and the estimated offering price range and related disclosure, the Company has also revised the August&nbsp;27 Filing to include information and data reflecting new developments since the August&nbsp;27 Filing as well as
generally to update the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s responses to the Staff&#146;s comments in the
August&nbsp;29 Comment Letter and the September&nbsp;4 Comment Letter. The Staff&#146;s comments are retyped below for your ease of reference and are followed by a summary of the responsive actions taken. We have included page numbers to refer to
the location in Amendment No.&nbsp;6 where the disclosure addressing a particular comment appears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESPONSES TO THE AUGUST 29 COMMENT LETTER </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response
to [y]our July&nbsp;11, 2014 Letter </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>We note your response to comment 1 in our letter dated July&nbsp;11, 2014 and your revised disclosure. Please tell us the business purpose for Mr.&nbsp;Shi&#146;s involvement in the Wasu investment,
as it does not appear that he is contributing significant funds to the investment but he will have a significant degree of control over the investment. In addition, please tell us whether you believe the joint control arrangement between Mr.&nbsp;Ma
and Mr.&nbsp;Shi has the potential to create disputes or conflicts of interest and whether you considered adding risk factor disclosure to describe for investors any associated risks. </I></B><B><I> </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that, as noted in the Company&#146;s previous response on this issue, there are PRC regulatory
restrictions on foreign ownership in the media broadcasting and distribution industry in China, and Mr.&nbsp;Shi&#146;s participation as one of the general partners and the executive partner of the PRC partnership that will make the proposed
investment in Wasu will help avoid any interpretation that a foreign-owned entity controls the PRC partnership. Moreover, as noted previously, Mr.&nbsp;Shi is the founder, chairman and a principal shareholder of Giant Interactive, a China-based
online game company that was previously listed on the New York Stock Exchange, and accordingly brings significant experience and knowledge relating to the digital media industry in China The Company believes that Mr.&nbsp;Shi&#146;s involvement in
the PRC partnership making the Wasu investment would benefit the Company&#146;s strategic alliance with Wasu because of his knowledge and experience within the media industry, his appreciation of the potential benefits of media offerings on our
platform and his experience in investing in businesses in China generally. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regarding the joint control arrangement between Mr.&nbsp;Ma and Mr.&nbsp;Shi and potential
conflicts of interest that could result, the Company has added disclosure on pages 52 to address this potential concern. The Company has also added disclosure regarding Mr.&nbsp;Shi&#146;s background and role on pages 115 and 270. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;4 to Registration Statement on Form F-1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 90 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our Monetization Model, page 93 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>We note your statement in the first paragraph under this heading that you primarily derive revenue from online marketing services and commissions. Quantify in this section the amount or percentage of
total revenue generated from online marketing services and from commissions.</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Company has added disclosure on pages 103, 104 and 105 to indicate the percentage of revenues derived from each major revenue stream for each of China commerce retail, China commerce wholesale and international commerce wholesale. For
international commerce retail, as previously disclosed, such revenues are primarily attributable to commissions. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your response to comment 5 in our letter dated August&nbsp;1, 2014 that you do not believe separate disclosure of the amount of revenue generated from the company&#146;s websites and from third-party
marketing affiliates is necessary. We are unable to agree with your position that no additional disclosure regarding the amount of revenue derived from online marketing services provided on third party marketing affiliates&#146; websites is
necessary. Please disclose the percentage of revenue generated from online marketing services on third party marketing affiliates&#146; websites or provide additional qualitative disclosure describing the relative insignificance to you of revenue
derived from online marketing services provided on third party marketing affiliates&#146; websites.</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to
the Staff&#146;s comment, the Company has added the requested disclosure on page 103. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


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 4
 &#150; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Components of Results of Operations, page 98 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B><I>We note your description of the types of expenses classified as Cost of Revenue and as Sales and Marketing Expenses. After reviewing the additional information you filed as correspondence on
August&nbsp;22, 2014 that is related to this matter, we understand that costs related to online marketing appearing on third party marketing affiliates&#146; websites are allocated between costs related to marketing performed for individual
merchants and costs related to marketing for your online marketplaces, and that each type of cost is classified differently. We have the following comments:</I></B><B><I></I></B> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Revise your disclosure to quantify the amount of traffic acquisition costs that are included in Sales and Marketing Expenses for each period presented.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that the Staff may be under the impression that the Company classifies a significant portion of traffic acquisition costs, or TAC,
under sales and marketing expense. This is not the case as the Company will discuss in more detail in this response. The Company respectfully advises the Staff that costs related to online marketing appearing on third-party marketing
affiliates&#146; websites are separately identified, differentiated and recorded as TAC in cost of revenue or as online advertising expenses in sales and marketing expense. TAC represents costs incurred to acquire traffic from third-party marketing
affiliates which is used by the Company to fulfill its obligations related to its customers online marketing needs. Except for the case noted below, costs incurred for the Company&#146;s own online advertising expenses are contracted for and tracked
separately to allow for the appropriate income statement classification. Online advertising expenses represent expenses the Company has incurred for the marketing and promotion of its own services, sites and special events. The Company refers the
Staff to the table in the response to the immediately following sub-bullet point that explains those differentiating factors in detail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company supplementally notes that, during the periods covered by the financial statements included in the Registration Statement, there
have been only two instances where fixed cost contracts normally used for the third-party marketing affiliate program were leveraged by the marketing departments of Taobao Marketplace, Tmall or Juhuasuan for their own sales and marketing activities,
and as such required an allocation of the corresponding fixed costs between TAC and online advertising expense. These two instances resulted in online advertising expenses under sales and marketing expenses of approximately RMB22 million
(approximately US$4 million) in fiscal year 2014. Both instances were isolated cases in that the marketing department leveraged inventory normally reserved for the third-party marketing affiliate program in order to promote a special event of the
Company, such as Singles&#146; Day. All other online advertising costs during the relevant periods were the result of direct advertising activities carried out by the marketing departments of the relevant marketplaces of the Company, and there have
been no other instances of amounts paid to third-party marketing affiliates under fixed costs arrangements being classified under sales and marketing expense. Based on this set of facts, the Company respectfully submits that separate disclosure of
costs incurred in purchasing inventory normally reserved for the third-party marketing affiliate program and classified as sales and marketing expense from fiscal year 2014 is unnecessary as the amount was immaterial and the incidents were isolated.
The Company expects future situations of a similar nature to occur only rarely and in any event would be immaterial. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In light of the Staff&#146;s comment, the Company has revised pages 124, 128, 133 and 134 to
disclose the Company&#146;s own online advertising costs that fall within sales and marketing expense, which amounted to RMB201 million, RMB367 million, RMB532 million (US$86 million) and RMB184 million (US$30 million) in fiscal years 2012, 2013 and
2014 and the three months ended June&nbsp;30, 2014, respectively. To avoid confusion, the term &#147;online advertising expense&#148; is used when referring to expenses the Company itself incurs in marketing its own products and services as opposed
to online marketing costs, or traffic acquisition costs, related to its merchants. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Tell us in more detail how you distinguish between the costs related to online marketing on third party websites for individual merchants and the costs related to marketing your online marketplaces to determine
the amount that you classify as Cost of Revenue as opposed to Sales and Marketing Expenses.</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company advises the
Staff that the classification and recording of TAC that are a part of the Company&#146;s cost of revenues, on the one hand, and online advertising expenses that are a part of the Company&#146;s sales and marketing expenses, on the other hand, can be
clearly identified and accounted for based on various differentiating factors set forth in the following table: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Traffic Acquisition Cost</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(a component of Cost of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Revenues)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Online Advertising Expense</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(a component of Sales and</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Marketing Expenses)</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Business purposes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">To fulfill its obligations related to its merchants&#146; marketing needs by placing online marketing services outside the Company&#146;s marketplaces to attract traffic</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">To fulfill corporate marketing initiatives for the benefit of the Company&#146;s services, websites or general branding as well as increase consumer awareness of the Company&#146;s marketplaces</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Type of marketing content</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Merchant&#146;s marketing content relating to its products being sold on its storefronts on the Company&#146;s marketplaces</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Company&#146;s own marketing content about its services, websites or other marketing events</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Correlation with revenue</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Correlation is high through online marketing services offered to the Company&#146;s merchants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">There is no correlation between online advertising expense and revenue</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
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<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Responsible business unit</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alimama, which operates the marketing technology platform and maintains the third-party marketing affiliate program with the goal of
monetizing all traffic</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Different set of contracts used by Alimama for the third-party
marketing affiliate program representing online marketing services provided to merchants</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marketing departments of various marketplaces, based on the Company&#146;s discretion, to promote business objectives such as corporate
marketing or promotion of the Company&#146;s services</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Separate contracts entered into
with external websites by the marketing departments of the relevant marketplaces and used to promote and market the Company&#146;s own services and marketplaces</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Landing page</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">A landing page with product listings which are monetized through P4P or display marketing services offered to the Company&#146;s merchants</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Depending on the objectives of marketing and promotions, in nearly every case, the traffic is diverted to special promotion landing pages that do not comprise product listings with monetized online marketing services</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">External websites on which marketing content is displayed</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Third-party marketing affiliates, (i.e. Taobao Affiliate Network participants)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Any external websites, including, but not limited to, third-party marketing affiliates</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finally, the Company notes that, for the presentation of its operating results, the Company does not
separately present gross margin for the revenue it earns, but focuses on its overall operating margin, and considers all of these different types of expenses as the necessary costs to generate its revenue. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Tell us in more detail how you concluded that the costs of online marketing for your marketplaces are not traffic acquisition costs that would be classified as Cost of Revenue. In this regard, if an end user
clicks on an ad for your marketplaces that was placed on a third party website, is transferred to your website, and views a landing page containing display ads which generate revenue for you, it appears that the direct cost incurred to receive that
display marketing revenue was the cost of placing the ad on the third party&#146;s website. If traffic is only diverted to web pages that do not contain display marketing, clearly state that in your response.</I></B> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


<IMG SRC="g709111am6ltr.jpg" ALT="LOGO">
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 7
 &#150; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company refers the Staff to the first part of the response to this comment and to the
factors described in the table above for additional details. In particular, the Company would emphasize that, while costs incurred in offering online marketing services to its merchants correlates highly with revenue, the Company&#146;s own online
advertising activities used to promote its own services, its marketplaces and its ecosystem generally do not correlate with the revenue generated. Based on marketing initiatives pursued at its discretion and conducted by the marketing departments of
the relevant marketplace, the Company places online advertising on other sites to attract traffic to its marketplaces and to encourage users to shop on its websites or to promote particular special events or services, such as Singles&#146; Day or
mobile interface, but it cannot be said that traffic attracted to the Company&#146;s websites through such advertising is a cost incurred to generate revenue just because the page that the user visits happens to contain display marketing. The
Company believes this is no different than costs related to offline promotional or advertising activities, such as billboards or other advertising, that are intended to lead Internet users to visit the homepage of Taobao Marketplace, which includes
display marketing. Such offline advertising would not be categorized as traffic acquisition cost, and the Company respectfully maintains that the same is true for the online advertising activities for its marketplaces &#150; that is, the primary
purpose of purchasing such advertising is to cause users to come to the Company&#146;s websites to use the services and online shopping options offered by such websites. Thus, the Company classifies such expenses as sales and marketing expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described above, there have been only two instances where, in order to take extra efforts to promote certain special events of the Company,
the marketing departments leveraged the fixed cost contracts entered into by Alimama under the third-party marketing affiliate program. However, because such activities were conducted to promote the Company&#146;s brand, sites and events, and were
properly a part of the Company&#146;s own marketing activities, the expenses so incurred were properly classified under sales and marketing expense . These two exceptional instances both occurred in fiscal year 2014 in connection with the promotion
of special events. The marketing inventory of Alimama is not normally available for use by the Company&#146;s marketing departments, and the Company does not expect such instances to be common or material going forward and that it will be able to
clearly classify such activities as sales and marketing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in nearly every case, traffic from the Company&#146;s online
advertising is diverted to special promotional landing pages that do not comprise product listings with monetized online marketing services. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


<IMG SRC="g709111am6ltr.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"> &#150;
 8
 &#150; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Recent Investment, Acquisition and Strategic Alliance Activities, page 101 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your response to comment 24 in our letter dated August&nbsp;1, 2014. We also note your statement at the bottom of page 102 that you do not expect your investment activities to have a negative impact on
your liquidity or operations. Tell us in detail how you determined that no disclosure about the business combinations consummated after your latest balance sheet date was necessary under Item&nbsp;5.D. of Form 20-F. To assist us in understanding
your response, tell us the amount of net income or net loss of each newly acquired company in its most recently completed fiscal year and describe any trends in the profitability or losses of these companies that would lead you to believe their
results in the current fiscal year would differ significantly from their results in the most recently completed fiscal year. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has considered the disclosure requirements of Item&nbsp;5.D of Form 20-F and accordingly
has revised the disclosure on pages 108, 113 and 114 to clarify that it expects recent acquisitions of businesses with lower margins than the Company&#146;s own margins, such as its acquisitions of UCWeb, OneTouch and AutoNavi, to lower its margins.
The Company also respectfully directs the Staff to the existing disclosure on page 118 relating to the potential impact of its acquisitions on amortization expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Supplementally, the Company advises the Staff that the table below sets forth the amount of net income (loss) of each recently acquired
company for the most recently completed fiscal year of each such company (all with fiscal years ending on December&nbsp;31). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:65.10pt; font-size:8pt; font-family:Times New Roman"><B>Acquired company</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net&nbsp;income&nbsp;(loss)&nbsp;in&nbsp;the&nbsp;year&nbsp;ended<BR>December&nbsp;31, 2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">(in millions)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OneTouch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UCWeb</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(74</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AutoNavi</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(151</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alibaba Pictures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As noted above, the Company has disclosed the overall impact of such acquisitions on the Company&#146;s
margins on pages 108 and 113. The Company advises the Staff that there are no trends in the profitability or losses of these companies, of which the Company is aware, that would lead the Company to believe that the results of these companies in the
current fiscal year would materially affect the Company&#146;s financial results. </P>

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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 107 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your response to comment 3 in our letter dated August&nbsp;1, 2014. We continue to believe that the discussion of GMV currently provided in MD&amp;A does not adequately inform investors of the reasons
behind material changes in your online marketing services and commission revenue streams. Additionally, while we do not object to your use of the monetization rate to analyze changes in overall revenue for your China retail marketplaces, we do not
believe it is a direct explanation of changes in the volume and price of services rendered for each of the online marketing services and commission revenue streams. Please revise your filing to provide a separate narrative discussion for each of
your online marketing services and commission revenue streams, and specifically discuss the extent to which changes in recorded revenues were due to changes in prices and changes in volumes as required by Item&nbsp;5.A.1 of Form 20-F. To the extent
necessary, please utilize metrics directly applicable to each revenue stream. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Company has revised the disclosure on pages 122, 126, 127 and 132. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Critical Accounting Policies and Estimates, page 128 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that your critical accounting policy for revenue recognition primarily discusses the judgments and estimates involved in multiple element arrangements. Since multiple element arrangements constitute less
than 1% of your revenue, if you wish to continue to include disclosures related to your multiple element arrangements, revise these disclosures to clarify that your multiple element arrangements are currently not significant to your operations.
Additionally, revise your disclosure to explain any significant judgments and estimates involved in your online marketing services, which constitute approximately two-thirds of your total revenue. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 149 to clarify that multiple element arrangements are
currently not significant to its operations as well as to clarify the disclosure on judgments and estimates involved in its accounting for online marketing services. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>2. Summary of
significant accounting policies, page F-13 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(g) Revenue recognition, page F-18 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We are still considering your responses to comments 12-19 in our letter dated August&nbsp;1, 2014 and the additional information you filed as correspondence on August&nbsp;22, 2014. We may have further comments.
</I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comment is respectfully noted. </P>

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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>9.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your disclosures under the heading &#147;Online marketing services revenue.&#148; To provide your readers with more transparent disclosure into how you generate revenue from online marketing services,
revise your disclosures as follows: </I></B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Clarify that online marketing services revenue is primarily comprised of pay for performance (P4P) marketing services provided on your own websites. </I></B></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Clarify that P4P marketing content and display marketing content both appear as product photos accompanied by text. </I></B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Clarify that your statement that merchants bid for keywords that match product or service listings appearing in search or browser results only applies to your websites. Clarify that on third party websites, you
use contextual relevance technology to match the marketing content to the textual content of the third party website as opposed to a keyword searched by a user. Clarify that on third party websites, you also may embed your search box, and if a user
types a keyword into your embedded search box, the user is redirected to a Taobao Marketplace landing page containing search results. </I></B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Clarify that your statement that revenue from P4P marketing services is recognized when a user clicks on the advertisement only applies to your websites. Clarify that on third party websites, no revenue is
recognized when a user clicks on an advertisement. Instead, the user is redirected to a landing page on your websites containing listings for similar products or services from many merchants, including the merchant whose ad appeared on the third
party website, other merchants who participate in online marketing on your websites, and merchants who do not participate in online marketing on your websites. Clarify, if true, that revenue is recognized if the user&#146;s &#147;second click&#148;
occurs on a listing for any merchant who participates in your P4P online marketing program. Clarify, if true, that the related traffic acquisition cost is incurred under a fixed percentage contract with the third party website only if the
&#147;second click&#148; occurs on the same listing that appeared on the third party&#146;s website. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to
the Staff&#146;s comment, the Company has revised the disclosure on pages F-19 and F-20. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>5. Revenue, page F-37 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>10.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your disclosures here and your response to comment 70 in our letter dated June&nbsp;2, 2014. Your presentation of revenue from China commerce retail, China commerce wholesale, International commerce
retail, and International commerce wholesale presents the types of merchants from which you generate revenue rather than presenting the types of services you provide to those merchants. To better comply with the requirement of ASC 280-10-50-40,
revise your footnote to disclose the revenue you generate from each group of similar services you provide to your customers, including online P4P marketing services, online display marketing services, commission, and others. Please note that due to
the distinct nature and risks of P4P marketing as compared to display marketing, we do not believe these services are similar enough to be aggregated into a single group, and we believe they should be separately disclosed. We also note your response
to comment 6 in our letter dated August&nbsp;1, 2014 and continue to believe you should disclose within MD&amp;A the online marketing services revenues generated from each of P4P marketing and display marketing, and to the extent material, the
revenue from each of your Taobaoke program and placement services. </I></B></TD></TR></TABLE>

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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised Note 5 to each of the
consolidated financial statements for the years ended March&nbsp;31, 2012, 2013 and 2014 and the unaudited interim condensed consolidated financial statements for the three months ended June&nbsp;30, 2013 and 2014 on pages F-38 and F-97,
respectively, to include a breakdown of revenues on a consolidated basis by types of service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has also disclosed on page 103
the percentage of revenues generated from its major service categories, including P4P marketing, display marketing, commissions and membership fees. Revenues from Taobaoke (included in online marketing revenues) and placement fees related to
Juhuasuan (also included in online marketing revenues) constituted in the aggregate 5.3% and 3.6% of the Company&#146;s total revenue, respectively, in fiscal year 2014 and the three months ended June&nbsp;30, 2014, and accordingly the Company does
not believe such revenues are sufficiently material to be broken out separately. As noted in the Company&#146;s response to comment 2 above, the Company has also provided the percentage of each major component of revenue for each of China commerce
retail, China commerce wholesale and international commerce wholesale. In the case of international commerce retail, as previously disclosed, revenues generated on the Company&#146;s global retail marketplace is primarily attributable to
commissions. Accordingly, the Company believes that it has provided disclosure that complies with the requirements of ASC 280-10-50-40 and provided investors with the material revenue stream breakdowns that are necessary to understand the
Company&#146;s business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>14. Investment in equity investees, page F-58 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(b) Investment in UCWeb Inc. (&#147;UCWeb&#148;), page F-58 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>11.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your response to comment 22 in our letter dated August&nbsp;1, 2014. Disclose the fair value of your investments accounted for under the cost-method or, if applicable, include the disclosures required by
ASC 325-20-50-1(c). </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages F-58,
F-59, F-60 and F-106. </P>

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 &#150; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESPONSES TO THE SEPTEMBER 4 COMMENT LETTER </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;5 to Registration Statement on Form F-1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 109 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comparison
of Three Months Ended June&nbsp;30, 2013 and 2014, page 110 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your disclosure that commission revenue increased partially due to an increase in lottery commission income during the World Cup. Please quantify the impact of the increase in commission income due to
lottery commissions from the World Cup. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the
disclosure on page 122 to disclose the increase in lottery commission income and note that this was primarily due to increased activity during the World Cup. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements for the Three Months Ended June&nbsp;30, 2014 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Unaudited Interim Condensed Consolidated Financial Statements, page F-85 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>4. Significant acquisition and equity transactions, page F-91 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Revise or tell us how you have fully complied with the disclosure requirements of ASC 805, including: </I></B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>How you complied with ASC 805-10-50-2(g)(3) and (g)(4) for your step acquisitions of OneTouch and UCWeb; </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages F-93 and F-94. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>How you complied with ASC 805-10-50-2(h) for your acquisitions of OneTouch,UCWeb, and Alibaba Pictures; </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page F-95. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>How you complied with ASC 805-20-50-1(e)(2) for your acquisition of Alibaba Pictures; </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages F-94 and F-95. </P>

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 13
 &#150; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>How you complied with ASC 805-30-50-1(a) for your acquisitions of OneTouch, UCWeb, and Alibaba Pictures. In this regard, your statements that goodwill is attributable to expected synergies from combining the
operations of these businesses with yours is not sufficiently detailed to explain why the majority of the purchase price for each company was allocated to goodwill; and </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages F-93, F-94 and F-95. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>How you complied with ASC 805-30-50-1(c)(2) and (c)(3) for the contingent consideration related to your acquisition of OneTouch. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page F-92. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Correspondence dated August&nbsp;28, 2014 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your response to prior comment 48 of our letter dated June&nbsp;2, 2014. Please tell us what consideration you have given to filing the information included with your correspondence dated August&nbsp;28,
2014 as an exhibit to your registration statement. In this regard, it appears that the information is required to be filed pursuant to Item&nbsp;601(b)(4) and Item&nbsp;601(b)(10) of Regulation S-K. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has given due consideration to the language of Item&nbsp;601 and concluded that the
information included in the Company&#146;s correspondence of August&nbsp;28, 2014 (the &#147;Information&#148;) as submitted to the Staff is not required to be filed pursuant to Item&nbsp;601(b)(4) or Item&nbsp;601(b)(10) of Regulation S-K for the
following reasons: (i)&nbsp;the document contained in the Information is not an instrument that defines the rights of holders of the Company&#146;s securities; rather the Company&#146;s amended memorandum and articles of association, which has been
filed, governs those rights with respect to all matters referred to in such document, (ii)&nbsp;the Company is not a party to the document submitted with the Information, (iii)&nbsp;the Company does not have a beneficial interest in the subject
matter of the document that is the subject of the Information and (iv)&nbsp;the Company has no obligations under the document that is the subject of the Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company further notes that it has disclosed all material terms of the Information that bear upon the relationship of the Alibaba
Partnership to the Company on pages 229 through 234 and that it does not believe that filing of the Information as an exhibit would significantly enhance shareholder understanding of such relationship. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>IMPSON</SMALL> T<SMALL>HACHER</SMALL> &amp; B<SMALL>ARTLETT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%">


<IMG SRC="g709111am6ltr.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"> &#150;
 14
 &#150; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any question regarding this letter or Amendment No.&nbsp;6, please do not
hesitate to contact me at +(852) 2514-7630 (work) or lchen@stblaw.com (email) or William H. Hinman at (650)&nbsp;251-5120 (work) or whinman@stblaw.com (email) or Daniel Fertig at +(852) 2514-7660 (work) or dfertig@stblaw.com (email). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Questions pertaining to accounting may also be directed to Benson Wong at +(852) 2289-1304 (work) or benson.wb.wong@hk.pwc.com (email) or
Ricky Shin at +(852) 2289-1356 (work) or ricky.w.shin@hk.pwc.com (email), both of PricewaterhouseCoopers, the independent registered public accounting firm of the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Leiming Chen</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Leiming Chen</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Joseph C. Tsai, Executive Vice-chairman </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jonathan Zhaoxi Lu, Chief Executive Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Maggie Wei Wu, Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Timothy A. Steinert, General Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Alibaba Group Holding Limited </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">William H. Hinman, Jr. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Daniel
Fertig </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">William Y. Chua </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jay Clayton </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sarah P. Payne </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Sullivan&nbsp;&amp; Cromwell LLP </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Benson W.B. Wong </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ricky W. Shin
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;PricewaterhouseCoopers </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
