<SEC-DOCUMENT>0001104659-23-121176.txt : 20240328
<SEC-HEADER>0001104659-23-121176.hdr.sgml : 20240328
<ACCEPTANCE-DATETIME>20231127132548
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-121176
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alibaba Group Holding Ltd
		CENTRAL INDEX KEY:			0001577552
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			K3

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		26/F TOWER ONE
		STREET 2:		TIMES SQUARE, 1 MATHESON STREET
		CITY:			CAUSEWAY BAY
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		852-2215-5100

	MAIL ADDRESS:	
		STREET 1:		26/F TOWER ONE
		STREET 2:		TIMES SQUARE, 1 MATHESON STREET
		CITY:			CAUSEWAY BAY
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
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<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg001.jpg" ALT="" STYLE="height: 12pt; width: 93.75pt"></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center"><FONT STYLE="font-variant: small-caps">icbc
                    tower, 35<SUP>th</SUP> floor</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center"><FONT STYLE="font-variant: small-caps">3
    garden road, central</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">hong
    kong</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">telephone:
                    +852-2514-7600</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">facsimile:
    +852-2869-7694</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Direct
                                            Dial Number</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">+852-2514-7660</FONT></P></TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">E-mail
                                            Address</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">dfertig@stblaw.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">November&nbsp;27,
                                            2023</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>Confidential and via
edgar</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Ms.&nbsp;Jennifer
                                            Thompson<BR>
                                            Mr.&nbsp;Austin Pattan<BR>
                                            Ms.&nbsp;Lyn Shenk<BR>
                                            Mr.&nbsp;Abe Friedman</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Alibaba Group Holding Limited<BR>
                                            Form&nbsp;20-F for Fiscal Year Ended March&nbsp;31, 2023<BR>
                                            Filed July&nbsp;21, 2023<BR>
                                            File No.&nbsp;001-36614</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of our client, Alibaba Group Holding
Limited, a company organized under the laws of the Cayman Islands (together with its subsidiaries, the &ldquo;<U>Company</U>&rdquo; or
 &ldquo;<U>Alibaba</U>&rdquo;), we respond to the comments contained in the letter from the staff (the &ldquo;<U>Staff</U>&rdquo;) of
the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), dated September&nbsp;27, 2023 (the &ldquo;<U>September&nbsp;27
Comment Letter</U>&rdquo;), relating to the Company&rsquo;s annual report on Form&nbsp;20-F for the fiscal year ended March&nbsp;31,
2023 filed with the Commission on July&nbsp;21, 2023 (the &ldquo;<U>2023 20-F</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; text-align: center; width: 9%; font-size: 10pt; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">michael
    j.c.M. ceulen</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; text-align: center; width: 9%; font-size: 10pt; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">marjory
    j. ding</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; text-align: center; width: 8%; font-size: 10pt; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">daniel
    fertig</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 8%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">adam
    C. furber</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 8%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">YI
    GAO</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 8%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">MAKIKO
    HARUNARI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 8%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Ian
    C. Ho</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 8%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">JONATHAN
    HWANG</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 8%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">anthony
    d. king</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; text-align: center; width: 8%; font-size: 10pt; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">jin
    hYUK park</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 9%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">ERIK
    P. WANG</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4pt; width: 9%; font-size: 10pt; text-align: center; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">christopher
    k.s. wong</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-bottom: 10pt; white-space: nowrap; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt; text-transform: uppercase">resident
                                            partners</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt; text-transform: uppercase">simpson
    thacher&nbsp;&amp; bartlett, hong kong is an affiliate of simpson thacher&nbsp;&amp; bartlett llp with offices in:</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">New
    York</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Beijing</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Brussels</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Houston</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">LONDON</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Los
    Angeles</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Palo
    Alto</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">S&Atilde;O
    PAULO</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">TOKYO</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; text-transform: uppercase">Washington,D.C.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-2-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below are the Company&rsquo;s responses
to the Staff&rsquo;s comments in the September&nbsp;27 Comment Letter. The Staff&rsquo;s comments are retyped below for ease of reference.
The Company respectfully advises the Staff that where the Company proposes to add or revise disclosure in its future filings on Form&nbsp;20-F
in response to the Staff&rsquo;s comments, the changes to be made will be subject to relevant factual updates and changes in relevant
laws or regulations, or in interpretations thereof. In particular, the Company respectfully advises the Staff that, since the beginning
of the current fiscal year ending March&nbsp;31, 2024, the Company has implemented a new organizational and governance structure that
includes six major business groups and various other businesses (the &ldquo;<U>Reorganization</U>&rdquo;). The Company&rsquo;s six major
business groups following the Reorganization are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol;">&middot;</FONT> Taobao and Tmall Group;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol;">&middot;</FONT> Alibaba International Digital Commerce Group;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol;">&middot;</FONT> Local Services Group;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol;">&middot;</FONT> Cainiao Smart Logistics Network Limited;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol;">&middot;</FONT> Cloud Intelligence Group; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol;">&middot;</FONT> Digital Media and Entertainment Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, the Company&rsquo;s segment reporting has been updated
to reflect how the Company&rsquo;s chief operating decision maker reviews information under this new structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;20-F for Fiscal Year Ended March&nbsp;31, 2023</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 4. Information on the Company<BR>
B. Business Overview<BR>
Company Overview, page&nbsp;72</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B><I>Given that the most significant component of China Commerce
                                            segment revenues is from advertising and commissions on third-party sales, referred to by
                                            you as &quot;Customer management,&quot; please revise this section to indicate such and give
                                            adequate emphasis to this component of the segment. Please make a similar revision to the
                                            summary of segments on page&nbsp;119. Finally, please consider separately quantifying advertising
                                            and third-party commissions in the table on page&nbsp;121, given the different nature of
                                            these two sources of revenue. Please provide us with a copy of your intended revised disclosure.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, in the Company&rsquo;s
future annual reports on Form&nbsp;20-F, the Company will revise the Business Overview section to indicate that the most significant
component of its China Commerce segment revenues (before the Reorganization) is from customer management revenue, and give adequate emphasis
to this component of the segment, as well as make a similar revision to the summary of segments on page&nbsp;119. For illustrative purpose,
a copy of the Company&rsquo;s intended revised disclosure is set forth in <U>Annex A</U>. The Company will provide disclosure similar
to that in <U>Annex A</U> in its future annual reports on Form&nbsp;20-F, which will also be updated to reflect the Reorganization and
the Company&rsquo;s new segment reporting as discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-3-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the Staff that the Company
believes that separating customer management revenue into quantitative disclosure of revenue from marketing services and revenue from
third-party commissions would not fairly and accurately depict how the Company&rsquo;s management views and manages the business. As
the Company&rsquo;s business model has evolved over the years, the Company has offered merchants different and new formats of marketing
services that are monetized based on the GMV transacted. As a result, merchants have long considered the various fees they pay to the
Company as a holistic package of services to help them sell-through and acquire and retain users and consumers, and they no longer distinguish
between marketing services and commissions. Accordingly, starting from fiscal year 2021, the Company started to present commission revenue
and marketing services revenue together under customer management revenue in order to better reflect the Company&rsquo;s value proposition
to merchants on its platforms. This presentation is also aligned with how the Company views and operates its customer management services
on a holistic basis rather than operating as two separate business lines of marketing services and marketplace business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 5. Operating and Financial Review and Prospects<BR>
Non-GAAP Measures, page&nbsp;131</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B><I>Please revise to present non-GAAP financial measures after
                                            your comparison of fiscal year results on a GAAP basis to provide equal or greater prominence
                                            to GAAP.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, in its future
annual reports on Form&nbsp;20-F, the Company will revise and present the disclosure under the section with the heading &ldquo;Non-GAAP
measures&rdquo; after the section comparing fiscal year results on a GAAP basis to give equal or greater prominence to GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Comparison of Fiscal Years 2022 and 2023, page&nbsp;134</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B><I>Please revise to quantify factors to which changes are attributed.
                                            In addition, with regard to revenue discussions, please quantify the extent to which changes
                                            are attributable to changes in prices or to changes in the volume or amount of products or
                                            services being sold or to the introduction of new products or services. Refer to Item 5.A
                                            of Form&nbsp;20-F. Please provide us with a copy of your intended revised disclosure.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, in its future
annual reports on Form&nbsp;20-F, the Company will supplement its disclosure to quantify, where possible, the factors to which material
changes in revenue from period to period are attributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For illustrative purpose, a copy of the Company&rsquo;s
intended revised disclosure is set forth in <U>Annex B</U>. The Company will provide quantitative disclosure similar to that in <U>Annex
B</U> in its future annual reports on Form&nbsp;20-F, which will also be updated to reflect the Reorganization and the Company&rsquo;s
new segment reporting as discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-4-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Sales and Marketing Expenses, page&nbsp;138</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B><I>When discussing the decrease in your sales and marketing expenses,
                                            your disclosure focuses on the effect of share-based compensation expense and the impact
                                            it had on your period over period comparisons. We note on a year-over-year basis, your revenue
                                            increased by 2% and your sales and marketing expenses excluding share-based compensation
                                            decreased by 15%. Please revise to discuss material factors impacting your results for the
                                            periods presented, and any known trends which are anticipated to have a material effect on
                                            the company&rsquo;s results of operations in future periods. Refer to Item 5 of Form&nbsp;20-F.
                                            Please provide us with a copy of your intended revised disclosure.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the Staff that the 2% increase
in revenue and 15% decrease in sales and marketing expenses excluding share-based compensation was primarily the result of improved operating
efficiency and cost optimization, which led to a significant decline in marketing and promotional expenses, including apps promotion
expenses, advertising expenses and other related incidental expenses that are incurred directly to attract or retain consumers and merchants.
A copy of the Company&rsquo;s intended revised disclosure is set forth in <U>Annex C</U>. The Company also notes the Staff&rsquo;s comment
and will disclose known trends, if any, which are anticipated to have a material effect on the Company&rsquo;s results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>B. Liquidity and Capital Resources<BR>
Cash Flows from Operating Activities, page&nbsp;141</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B><I>Your discussion of cash flows from operating activities appears
                                            to be a recitation of the changes already disclosed in the consolidated statement of cash
                                            flows. Please provide a more informative analysis and discussion of cash flows for each period
                                            presented. In doing so, explain the underlying reasons and implications of material changes
                                            between periods to provide investors with an understanding of trends and variability in cash
                                            flows. Refer to Item 303(a)&nbsp;of Regulation S-K and Item 1 of Section&nbsp;IV.B of SEC
                                            Release No.&nbsp;33-8350.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">The Company respectfully advises the Staff that net cash
provided by operating activities in fiscal year 2023 was RMB199,752 million, an increase of 40% compared to RMB142,759 million in fiscal
year 2022. The amount for fiscal year 2022 was lower mainly due to a fine in the amount of RMB18,228 million imposed by China&rsquo;s
State Administration for Market Regulation pursuant to China&rsquo;s Anti-monopoly Law (the &ldquo;<U>Anti-monopoly Fine</U>&rdquo;),
which the Company paid in full in fiscal year 2022. The year-over-year increase also reflected narrowing losses of certain businesses
driven by improving operating efficiency and a dividend received from Ant Group of RMB14,464 million in fiscal year 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-5-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">Net cash provided by operating activities in fiscal year
2022 was RMB142,759 million, a decrease of 38% compared to RMB231,786 million in fiscal year 2021. The year-over-year decrease reflected
a net cash inflow of RMB21,229 million in connection with the buyer protection fund deposits received primarily from Tmall merchants
during fiscal year 2021, as well as a decrease in profit and the full payment in the amount of RMB18,228 million of the Anti-monopoly
Fine in fiscal year 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">In the Company&rsquo;s future annual reports on Form&nbsp;20-F,
the Company will provide similar analysis and discussion of cash flows for each period presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections, page&nbsp;202</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B><I>We note your statements that none of your directors or officers,
                                            your greater than 10% beneficial owners, or Alibaba Partnership are representatives of or
                                            controlled by a government entity in the PRC in connection with your required submission
                                            under paragraph (a). Please supplementally describe any materials that were reviewed and
                                            tell us whether you relied upon any legal opinions or third party certifications such as
                                            affidavits as the basis for your submission. In your response, please provide a similarly
                                            detailed discussion of the materials reviewed and legal opinions or third party certifications
                                            relied upon in connection with the required disclosures under paragraphs (b)(2)&nbsp;and
                                            (3).</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the Staff that, as the
basis for the Company&rsquo;s submission required under paragraph (a)&nbsp;with the 2023 20-F, the Company included in its annual director
and officer questionnaire a question as to whether the respondent is a representative of any PRC government entity and received confirmation
that none of the Company&rsquo;s directors or officers is a representative of any PRC government entity. The Company also relied upon
internal confirmation that the Alibaba Partnership (consisting of individuals that are employees of the Company) is not controlled by
any PRC government entity. As to greater than 10% beneficial owners, based on public filings and to the best of the Company&rsquo;s knowledge,
Softbank Group (a company incorporated in Japan and listed on the Tokyo Stock Exchange) was the only shareholder with beneficial ownership
of over 10% of the Company&rsquo;s total outstanding shares as of the date of the 2023 20-F. No publicly available information indicates
that Softbank Group is controlled by any PRC government entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In preparing the disclosures under paragraphs (b)(2)&nbsp;and
(3), as revised in order to address Comment 8 below, (i)&nbsp;with respect to PRC entities, the Company and its PRC counsel, Fangda Partners
(&ldquo;<B><U>Fangda</U></B>&rdquo;), conducted research using publicly available databases and looked through reasonable layers of the
shareholder ownership of each entity, and (ii)&nbsp;with respect to entities in other jurisdictions, the Company and its counsel, Simpson
Thatcher and Bartlett LLP, examined the respective registers of members or lists of shareholders of each entity and conducted research
using a publicly available database to determine and calculate share ownership by governmental entities in the jurisdictions where the
Company and the Company&rsquo;s consolidated entities are organized or incorporated. In addition, the Company inquired with its respective
company secretary teams for confirmation to the best of their knowledge with respect to governmental ownership in each of the Company&rsquo;s
publicly listed subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-6-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As to the shareholding of Alibaba Group Holding Limited,
the Company reviewed its register of members and relied on publicly disclosed information to ascertain governmental ownership. As a publicly-listed
company with a highly dispersed shareholder base (numbering in the millions to the Company&rsquo;s knowledge) who mostly hold equity
interest in the Company indirectly through central securities depositories (DTC in the case of ADSs and Hong Kong&rsquo;s Central Clearing
and Settlement System in the case of ordinary shares trading on the Hong Kong Stock Exchange), it is not possible for the Company to
verify the background of each beneficial owner of its ADSs and ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company did not otherwise seek legal opinions or require
affidavits as the basis for its (i)&nbsp;submission required under paragraph (a), or (ii)&nbsp;disclosures required under paragraphs
(b)(2)&nbsp;and (3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B><I>In order to clarify the scope of your review, please supplementally
                                            describe the steps you have taken to confirm that none of the members of your board or the
                                            boards of your consolidated foreign operating entities are officials of the Chinese Communist
                                            Party. For instance, please tell us how the board members&rsquo; current or prior memberships
                                            on, or affiliations with, committees of the Chinese Communist Party factored into your determination.
                                            In addition, please tell us whether you have relied upon third party certifications such
                                            as affidavits as the basis for your disclosure.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the Staff that, as the
basis for the Company&rsquo;s disclosure required under paragraph (b)(4), the Company included in its annual director and officer questionnaire
a question as to whether the respondent is an official of the Chinese Communist Party (&ldquo;<B><U>CCP</U></B>&rdquo;) and received
confirmation that none of the Company&rsquo;s directors or officers is a CCP official. As to the board members of the Company&rsquo;s
consolidated entities, the Company relied upon internal confirmations by the Company&rsquo;s human resources department with respect
to employees of the Company who serve as directors. The Company respectfully advises the Staff that, to the best of the Company&rsquo;s
knowledge, there is no publicly available database confirming whether any individual is a CCP official. Therefore, as to the verification
of whether external directors hold leadership roles within the CCP, the Company relied upon reasonable public searches on each of its
nearly 100 external directors conducted by its PRC counsel Fangda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company did not otherwise require third party certifications
as the basis for its disclosure required under paragraph (b)(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-7-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD><B><I>We note that your disclosures pursuant to Items 16I(b)(2),
                                            (b)(3)&nbsp;and (b)(5)&nbsp;are provided for &ldquo;Alibaba Group Holding Limited or any
                                            variable-interest entity or similarly structured entity,&rdquo; while your disclosure pursuant
                                            to Item 16I(b)(4)&nbsp;suggests that you have additional consolidated entities that you refer
                                            to as &ldquo;operating entities.&rdquo; Please note that Item 16I(b)&nbsp; requires that
                                            you provide disclosures for yourself and your consolidated foreign operating entities.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol;">&middot;</FONT></TD><TD><B><I>With respect to (b)(2), please supplementally clarify the
                                            jurisdictions in which your consolidated foreign operating entities are organized or incorporated
                                            and confirm, if true, that you have disclosed the percentage of your shares or the shares
                                            of your consolidated operating entities owned by governmental entities in each foreign jurisdiction
                                            in which you have consolidated operating entities. Alternatively, please provide this information
                                            in your supplemental response. We note that your list of subsidiaries and consolidated entities
                                            in Exhibit&nbsp;8.1 appears to indicate that you have subsidiaries in countries other than
                                            the Cayman Islands and China.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol;">&middot;</FONT></TD><TD><B><I>With respect to (b)(3)&nbsp;and (b)(5), please provide the
                                            required information for you and all of your consolidated foreign operating entities in your
                                            supplemental response.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
advises the Staff that as of the date of the 2023 20-F, the Company had over 3,000 consolidated entities, which included subsidiaries,
variable interest entities and similarly structured entities that are consolidated in the Company&rsquo;s financial statements, and these
entities are organized or incorporated across 39 jurisdictions, including but not limited to the PRC, the British Virgin Islands, the
Cayman Islands, Singapore, the United States,&nbsp;Indonesia, the Republic of T&uuml;rkiye and Thailand. The Company has fewer than 10
entities organized or incorporated in each of the rest of the other 31 jurisdictions, which in the aggregate represent an insignificant
portion of the Company&rsquo;s business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The existing disclosure under Items 16I(b)(2)&nbsp;and (3),
as stated in the 2023 20-F, discusses Cayman Islands and PRC governmental entities&rsquo; ownership in Alibaba Group Holding Limited
and any variable-interest entity or similarly structured entity that is consolidated in the Company&rsquo;s financial statements. In
response to the Staff&rsquo;s comment, the Company further examined the ownership, if any, of its shares and shares of its consolidated
entities owned by governmental entities in the 39 jurisdictions in which the Company has consolidated entities by applying due diligence
as discussed in the response to Comment 6 above. Supplemental information is provided in <U>Annex D</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">With respect to disclosure required under Item 16I(b)(5),
the Company respectfully advises the Staff that there is no legal requirement that a company&rsquo;s articles include any charter of
the Chinese Communist Party and the Company does not require any charter of the Chinese Communist Party to be included in the articles
of its consolidated entities. In response to the Staff&rsquo;s comment, in addition to the articles of the Company and each of its variable
interest entities, the Company conducted further internal checks on each of the articles of its subsidiaries and consolidated entities
listed in Exhibit&nbsp;8.1 of the 2023 20-F (which include all subsidiaries and consolidated entities of the Company excluding those
that, in the aggregate, would not be a &ldquo;significant subsidiary&rdquo; as defined in rule&nbsp;1-02(w)&nbsp;of Regulation S-X as
of March&nbsp;31, 2023), and found that none of them contains any charter of the Chinese Communist Party. Please refer to <U>Annex D
</U>for further information. Considering that the Company has over 3,000 consolidated entities, the Company respectfully advises the
Staff that the Company believes it is unduly burdensome for the Company to manually verify the articles of association of each of the
rest of the Company&rsquo;s consolidated entities, which, in the aggregate, would not constitute a &ldquo;significant subsidiary&rdquo;
as defined in rule&nbsp;1-02(w)&nbsp;of Regulation S-X as of March&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: right">Simpson
                    Thacher&nbsp;&amp; Bartlett</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2331551d1_correspimg002.jpg" ALT="" STYLE="height: 7.5pt; width: 57.75pt"></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation
                                            Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-8-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">November&nbsp;27,
    2023</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any question regarding the Company&rsquo;s
responses to the Staff&rsquo;s comments, please do not hesitate to contact me at +852-2514-7660 (work), +852-6640-3886 (mobile) or dfertig@stblaw.com
(email).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Daniel Fertig</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Daniel Fertig</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt">Enclosures:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Annex
                                            A</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Annex B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Annex C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Annex D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Eddie Yongming Wu, Chief Executive Officer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Toby Hong Xu, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Sara Siying Yu, General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Alibaba Group Holding Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ricky Shin, Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Daniel Chan, Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Cynthia Ning, Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">PricewaterhouseCoopers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Annex A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Comment 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Page&nbsp;72</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>China Commerce</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>China Commerce Retail</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are the largest retail commerce business in the world in terms of
GMV in the twelve months ended March&nbsp;31, 2023, according to Analysys. Our China commerce retail businesses primarily include Taobao
and Tmall, which together constitute the world&rsquo;s largest digital retail business in terms of GMV for the twelve months ended March&nbsp;31,
2023, according to Analysys, Taobao Deals which offers consumers value-for-money products, Taocaicai which provides next-day pick-up services
for groceries and fresh goods at neighborhood pick-up points, as well as our direct sales businesses which offer upgraded consumer experiences
with integrated online and offline capabilities, including Tmall Supermarket, Freshippo and Sun Art. During the same period, we generated
approximately 65% of our revenue from our retail commerce business in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Our China commerce retail business derives a majority of its revenue
from customer management revenue. We generate customer management revenue from merchants by leveraging our consumer insights and data
technologies, which enable brands and merchants to attract, engage and retain consumers, complete transactions, improve their branding
and enhance operating efficiency. Our customer management services are monetized primarily based on cost-per-click (CPC)-basis, cost-per-thousand
impression (CPM)-basis, time-basis, or individual campaigns at fixed cost, through the display of photos, graphics, videos and livestreaming,
as well as a percentage of transaction value.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have also developed a digital commerce infrastructure that offers
an upgraded consumer experience by seamlessly integrating online and offline capabilities for our marketplaces and direct sales businesses.
Leveraging our product and supply chain capabilities as well as fulfillment and delivery expertise, our consumers can enjoy a broad variety
of quality products at different price points with a wide selection of delivery options that satisfy their varying needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Page&nbsp;119</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Operating Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our reported segments are described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>China commerce. </I></B><U>China commerce segment derives a majority of its revenue from customer management revenue. </U>China
commerce segment mainly includes our China commerce retail businesses such as Taobao, Tmall and Tmall Supermarket, as well as wholesale
business including 1688.com.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Annex B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Comment 3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Page&nbsp;134</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of Fiscal Years 2022 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>China Commerce</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(i)&nbsp;Segment revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> China Commerce Retail Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from our China commerce retail business in fiscal year 2023
was RMB565,332 million (US$82,319 million), decreased by 2% compared to RMB574,868 million in fiscal year 2022. Customer management revenue
decreased by 8% year-over-year, primarily due to <STRIKE>mid-single-digit decline of</STRIKE> online physical goods GMV generated on Taobao
and Tmall, excluding unpaid orders <U>declining 5%</U> year-over-year, which was mainly due to soft consumption demand and ongoing competition
as well as supply chain and logistics disruptions due to COVID-19 <U>that impacted fulfilment and delivery, which led to more cancellations
of orders. This also reflected user experience-enhancing measures implemented by our platform making it more convenient for consumers
to refund or return goods</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Direct sales and others revenue under China commerce retail business
in fiscal year 2023 was RMB274,954 million (US$40,037 million), increased by 6% compared to RMB259,830 million in fiscal year 2022, primarily
due to the <U>year-over-year</U> revenue growth contributed by our Freshippo and Alibaba Health&rsquo;s direct sales businesses <U>of
2.8% and 2.5%, respectively</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> China Commerce Wholesale Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from our China commerce wholesale business in fiscal year 2023
was RMB17,399 million (US$2,533 million), increased by 4% compared to RMB16,712 million in fiscal year 2022. The increase was primarily
due to the increase in revenue from value-added services to paying members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>International Commerce</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(i)&nbsp;Segment revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> International Commerce Retail Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from our International commerce retail business in fiscal year
2023 was RMB49,873 million (US$7,262 million), increased by 17% compared to RMB42,668 million in fiscal year 2022. <STRIKE>The increase
was mainly attributable to the growth in revenue generated by Trendyol and Lazada. </STRIKE><U>The year-over-year growth was mainly driven
by revenue growth contributed by Trendyol and Lazada of 11% and 4%, respectively. </U>The increase in revenue from Trendyol resulted from
more efficient use of subsidies and robust year-over-year order growth<U>, which contributed 7% and 3%, respectively</U>. Increase in
revenue contributed by Lazada was the result of continuous improvement in monetization rate by offering more value-added services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> International Commerce Wholesale Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from our International commerce wholesale business in fiscal
year 2023 was RMB19,331 million (US$2,815 million), increased by 5% compared to RMB18,410 million in fiscal year 2022. The increase was
primarily due to increases in revenue generated by cross-border related value-added services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Local Consumer Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(i)&nbsp;Segment revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from Local consumer services was RMB50,112 million (US$7,297
million) in fiscal year 2023, increased by 12% compared to RMB44,616 million in fiscal year 2022<STRIKE>,</STRIKE><U>. The year-over-year
growth was mainly driven by revenue growth contributed by Ele.me and Amap of 8% and 4%, respectively. The increase in revenue from Ele.me
was</U> primarily driven by higher average order value <STRIKE>of Ele.me</STRIKE><U>, and the increase in revenue contributed by Amap
was mainly the result of its</U> strong order growth<STRIKE> of Amap</STRIKE>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cainiao</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(i)&nbsp;Segment revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from Cainiao, which represents revenue from its domestic and
international one-stop-shop logistics services and supply chain management solutions, after inter-segment elimination, was RMB55,681 million
(US$8,108 million) in fiscal year 2023, increased by 21% compared to RMB46,107 million in fiscal year 2022, primarily <U>driven</U> <STRIKE>contributed
</STRIKE>by the increase<U>s</U> in revenue from domestic consumer logistics services <U>and international fulfillment solution services,
which contributed 16% and 5%, respectively, to the revenue growth of Cainiao. The increase in revenue from domestic consumer logistics
services was </U><STRIKE>as</STRIKE> a result of service model upgrade since late 2021 whereby Cainiao took on more responsibilities throughout
the logistics process to better serve customers and enhance customer experience, as well as the increase in revenue from international
fulfillment solution services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total revenue generated by Cainiao, before inter-segment elimination,
which includes revenue from services provided to other Alibaba businesses, was RMB77,512 million (US$11,287 million), increased by 16%
compared to RMB66,808 million in fiscal year 2022. In fiscal year 2023, 72% of Cainiao's total revenue was generated from external customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cloud</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(i)&nbsp;Segment revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from our Cloud segment, after inter-segment elimination, was
RMB77,203 million (US$11,242 million) in fiscal year 2023, increased by 4% year-over-year compared to RMB74,568 million in fiscal year
2022. Year-over-year revenue growth of our Cloud segment reflected the revenue growth from non-Internet industries driven by <U>an </U><U><STRIKE>solid
</STRIKE></U><U>8% year-over-year </U>growth of revenue <U>which was contributed by</U> <STRIKE>from</STRIKE> financial services, automobile
industries and retail industries <U>as to 5.1%, 0.8% and 0.4%, respectively</U>, which was partially offset by <STRIKE>the </STRIKE><U>a
4% year-over-year</U> decline <STRIKE>of </STRIKE>in revenue from customers in the Internet industry mainly driven by declining revenue
from a top customer in the Internet industry phasing out using our overseas cloud services for its international business due to non-product
related reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total revenue from our Cloud business, before inter-segment elimination,
which includes revenue from services provided to other Alibaba businesses, was RMB101,950 million (US$14,845 million), increased by 2%
compared to RMB100,180 million in fiscal year 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Annex C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Comment 4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Page&nbsp;138</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales and Marketing Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><B>%</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Change</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 1%; vertical-align: bottom">
    <TD STYLE="font-size: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 1%; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 1%; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(in millions, except percentages)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 10pt; text-align: left">Sales and marketing expenses</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">119,799</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">103,496</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">15,070</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">(14</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Percentage of revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Share-based compensation expense included in sales and marketing expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,050</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,710</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">540</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Percentage of revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Sales and marketing expenses excluding share-based compensation expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">116,749</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">99,786</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,530</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(15</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Percentage of revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sales and marketing expenses decreased by 14% from RMB119,799 million
in fiscal year 2022 to RMB103,496 million (US$15,070 million) in fiscal year 2023. Without the effect of share-based compensation expense,
sales and marketing expenses as a percentage of revenue would have decreased from 14% in fiscal year 2022 to 12% in fiscal year 2023.
<U>The year-over-year decrease was primarily due to a significant decline in marketing and promotional expenses, including apps promotional
expenses, advertising expenses and other related incidental expenses that were incurred directly to attract or retain consumers and merchants,
which was the result of our improved operating efficiency and cost optimization. In the future, we may not be able to improve our operating
efficiency and optimize our cost to the same extent.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Annex D</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">(a)&nbsp;Please see the Certification by the Chief Executive Officer
Pursuant to Item 16I(a)&nbsp;of Form&nbsp;20-F, which has been furnished as Exhibit&nbsp;15.4 to this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;On December&nbsp;16, 2021, the PCAOB issued a report notifying
the SEC of its determination that it is unable to inspect or investigate completely registered public accounting firms headquartered in
Chinese mainland or Hong Kong, including our independent registered public accounting firm, PricewaterhouseCoopers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On August&nbsp;22, 2022, the SEC added Alibaba
Group Holding Limited to its conclusive list of issuers identified under the HFCA Act, following the filing of our annual report on Form&nbsp;20-F
for the fiscal year ended March&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December&nbsp;15, 2022, the PCAOB announced that it was able to
secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in Chinese mainland and Hong
Kong in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered
public accounting firms headquartered in Chinese mainland and Hong Kong. For this reason, we do not expect to be identified as a Commission-Identified
Issuer following the filing of this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the date of this annual report and to our best knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>No <STRIKE>Cayman Islands</STRIKE> governmental <U>entity in the Cayman Islands and each foreign jurisdiction in which we have
                                                                                 consolidated</U> entities (collectively, the &ldquo;<U>relevant governmental entities</U>&rdquo;) own any shares of Alibaba Group
                                                                                 Holding Limited <STRIKE>or </STRIKE><STRIKE>any variable-interest entity or similarly structured
entity that is consolidated in our financial statements</STRIKE>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><U>Our ADSs are listed and traded on
the NYSE and our Shares are listed and traded on the Hong Kong Stock Exchange. Governmental entities or affiliated entities could acquire
equity interests in our company on the open market, but based on public disclosure, no governmental entity has indicated that it has any
significant shareholding in our company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>Certain consolidated entities under our digital media and entertainment business have state-owned minority strategic investors, namely:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left">Zhejiang Yitong Digital TV Investment
Co.,&nbsp;Ltd. (&ldquo;<U>Zhejiang Yitong</U>&rdquo;), a subsidiary of a PRC state-owned enterprise, which owns 1% of the registered capital
of Youku Film&nbsp;&amp; Television Co.,&nbsp;Ltd. (&ldquo;<U>Youku Film&nbsp;&amp; Television</U>&rdquo;), a consolidated entity under
our Youku business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left">Wangtou Suicheng (Beijing) Technology
Co.,&nbsp;Ltd., also a subsidiary of a PRC state-owned enterprise, which owns 1% of the registered capital of Guangzhou Lujiao Information
Technology Co.,&nbsp;Ltd., a consolidated entity under our UCWeb business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">In addition <U>to the above</U>, <U>less
than 20 other </U><STRIKE>certain</STRIKE> consolidated entities in our <U>direct sales,</U> sports-related<U>, logistics and other</U>
business<U>es</U><STRIKE>, which in aggregate contributed to less than 0.05% of our total revenue in the fiscal year ended March&nbsp;31,
2023, have minority governmental ownership</STRIKE> <U>have governmental ownership. None of these entities are listed in Exhibit&nbsp;8.1
of the 2023 20-F (which include all subsidiaries and consolidated entities of the Company excluding those that, in the aggregate, would
not be a &ldquo;significant subsidiary&rdquo; as defined in rule&nbsp;1-02(w)&nbsp;of Regulation S-X as of March&nbsp;31, 2023).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><U>The shares of certain of our subsidiaries</U>
are listed and traded on the Hong Kong Stock Exchange. <STRIKE>PRC</STRIKE> Governmental entities or affiliated entities could acquire
equity interests in <STRIKE>our company </STRIKE><U>these subsidiaries</U> on the open market, but based on public disclosure, no <STRIKE>PRC</STRIKE>
governmental entity has <U>indicated that it has</U> any significant shareholding in <STRIKE>our company </STRIKE><U>these subsidiaries</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Except as disclosed above, <U>we are
not aware of any ownership by any</U> <STRIKE>no PRC</STRIKE> relevant governmental entities <U>in</U> <STRIKE>own</STRIKE> any shares
of Alibaba Group Holding Limited or <U>in</U> any <STRIKE>variable-interest entity or similarly structured entity that is </STRIKE><U>of
our</U> consolidated <STRIKE>in our financial statements </STRIKE><U>entities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">No Cayman Islands governmental entities or PRC governmental entities have a controlling financial interest
in Alibaba Group Holding Limited or any <STRIKE>variable-interest entity or similarly structured entity that is consolidated in our financial
statements; and</STRIKE> <U>of our consolidated entities, and no governmental entities in any of the jurisdictions in which our consolidated
entities are organized or incorporated have a controlling financial interest with respect to those entities; and</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: left">None of the members of the board of directors of Alibaba Group Holding Limited, our operating entities
or any variable interest entity or similarly structured entity that is consolidated in our financial statements is an official of the
Chinese Communist Party, except for the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Yang Yang, an external director of
Youku Film&nbsp;&amp; Television, who is also an executive of Zhejiang Yitong; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left">Bing Wu, an external director of Banma
Network Technology Co.,&nbsp;Ltd. (&ldquo;<U>Banma</U>&rdquo;), which is a majority-owned consolidated entity engaged in the development
of smart car operating systems. Mr.&nbsp;Wu is an executive of SAIC Motor and other state-owned enterprises. Banma is a joint venture
between us and SAIC Motor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The currently effective memorandum and articles
of association of each of Alibaba Group Holding Limited, the variable interest entities or similarly structured entities that are consolidated
in our financial statements, and any other subsidiaries and consolidated entities listed in Exhibit&nbsp;8.1 do not contain any charter
of the Chinese Communist Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
