<SEC-DOCUMENT>0001104659-24-004331.txt : 20240328
<SEC-HEADER>0001104659-24-004331.hdr.sgml : 20240328
<ACCEPTANCE-DATETIME>20240117085831
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-004331
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240117

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin: 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Simpson Thacher&nbsp;&amp;
                    Bartlett</p></td></tr>
  <tr style="vertical-align: top">
    <td colspan="3" style="text-align: center">&nbsp;<img src="tm243490d1_correspimg001.jpg" alt=""></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">icbc
                    tower, 35th floor</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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></td></tr>
  <tr style="vertical-align: top">
    <td colspan="3">&nbsp;<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</div></div><!-- Field: /Rule-Page -->

</td></tr>
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    <td colspan="3">&nbsp;</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: bottom">
    <td style="padding-bottom: 8.65pt"><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="padding-bottom: 8.65pt; font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="padding-bottom: 8.65pt"><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>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 8.65pt">&nbsp;</td>
    <td style="padding-bottom: 8.65pt; font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="padding-bottom: 8.65pt">&nbsp;</td></tr>
  <tr>
    <td style="width: 44%">&nbsp;</td>
    <td style="text-align: center; width: 31%"><font style="font-size: 10pt">January&nbsp;17, 2024</font></td>
    <td style="width: 25%">&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"><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-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">U.S. Securities and Exchange Commission</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 F Street, N.E.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549</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">
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    <td style="width: 10%"><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 1in; text-indent: -1in">Attention:</p></td>
    <td style="width: 90%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ms.&nbsp;Jennifer
                           Thompson<br>
                           Mr.&nbsp;Austin Pattan<br>
                           Ms.&nbsp;Lyn Shenk<br>
                           Mr.&nbsp;Abe Friedman</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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 December&nbsp;18, 2023 (the &ldquo;<u>December&nbsp;18
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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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 December&nbsp;18 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"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"></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; text-align: right; color: #493728">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"></font></p></td></tr><tr style="vertical-align: top"><td colspan="3" style="text-align: right"><img src="tm243490d1_correspimg002.jpg" alt="">&nbsp;</td></tr><tr><td style="vertical-align: bottom; width: 48%"><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: 4%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</font></td><td style="vertical-align: bottom; width: 48%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">January&nbsp;17, 2024</font></td></tr></table><p style="margin: 0pt"></p></div>
    <!-- Field: /Page -->

<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"><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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><b>1.</b></td><td style="text-align: justify"><b><i>We
                                            have reviewed your response to prior comment 1. In your response you discuss how merchants
                                            view the various fees as a holistic package of services. While your customers may allocate
                                            their funds based on a holistic premise, it appears from your quarterly results that the
                                            Company's results may be materially impacted by the differing components of your customer
                                            management revenue. In particular, we noted from your Q3 2023 earnings release filed together
                                            with your Form&nbsp;6-K on November&nbsp;16, 2023 &quot;Customer management revenue increased
                                            by 3% year-over-year, primarily due to the increase in merchant&rsquo;s willingness to invest
                                            in advertising, partly offset by the modest decline in online GMV.&quot; We also noted from
                                            your Q3 2023 earnings release, the Company upgraded one of its key advertising platforms
                                            &quot;with the aim of growing the number of merchants who advertise.&quot; It seems the sources
                                            of customer management revenues are impacted by differing factors, and can have differing
                                            impacts on your business. As such, it appears the sources of your customer management revenues
                                            may materially impact your china commerce segment. Please revise to separately quantify advertising
                                            and third-party commissions, or advise accordingly.</i></b></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the
Staff that the Company continues to hold that separately presenting marketing services revenue and commission revenue will not provide
investors with insights into the Company&rsquo;s business trends, and is also not consistent with how the Company&rsquo;s management
views and manages the business.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Taobao and Tmall Group offers merchants
a comprehensive solution comprised of a diverse array of products and services to enable them to attract, engage and retain consumers,
complete transactions, improve their branding and enhance operating efficiency. These products and services have differing fee structures,
including cost-per-click (CPC), cost-per-thousand impressions (CPM) and cost-per-sale (CPS) (i.e. fees charged based on the GMV transacted,
including commission on transactions), among others. The Company believes that merchants allocate their spending on the Company&rsquo;s
marketplaces to maximize their return on investment, and the optimal mix of products and services differs from merchant to merchant,
and also changes from time to time depending on each merchant&rsquo;s own strategy, marketing and operational needs. Accordingly, Taobao
and Tmall Group aims to offer merchants an integrated package that helps them optimize return on investment, rather than separately operating
different products and services or revenue streams. For instance, Taobao and Tmall Group&rsquo;s Wanxiangtai is a comprehensive one-stop
marketing solution that integrates multiple tools and resources, such as P4P, search, recommendation feeds and live-streaming, and leverages
data and AI technologies to provide merchants with insight and help them optimize their return on investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

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

<!-- Field: Page; Sequence: 2 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"></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; text-align: right; color: #493728">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"></font></p></td></tr><tr style="vertical-align: top"><td colspan="3" style="text-align: right"><img src="tm243490d1_correspimg002.jpg" alt="">&nbsp;</td></tr><tr><td style="vertical-align: bottom; width: 48%"><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: 4%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</font></td><td style="vertical-align: bottom; width: 48%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">January&nbsp;17, 2024</font></td></tr></table><p style="margin: 0pt"></p></div>
    <!-- Field: /Page -->

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As such, the Company believes that
the makeup of Taobao and Tmall Group&rsquo;s customer management revenue within a period will not provide any meaningful information
to investors, because the revenue mix is merely the result of the aggregate mix of products and services purchased by merchants during
that period, which in turn reflects merchants&rsquo; views as to how to optimize their overall return on investment and can vary and
fluctuate from period to period. For example, merchants&rsquo; increased willingness to invest in advertising could drive growth in either
CPC revenue or CPS revenue, or both, depending on the types of products and services purchased by merchants. In other words, merchants&rsquo;
willingness to invest in advertising affects the Company&rsquo;s overall take rate, and is not specifically related to a particular type
of revenue.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><u>Comparison of Fiscal Years 2022
and 2023, page&nbsp;134</u></b></p>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"></td><td style="text-align: justify; width: 0.5in"><b>2.</b></td><td style="text-align: justify"><b><i>We
                                            note your response to prior comment 3 and your proposed revised disclosure in Annex B of
                                            your response. You have added language that further describes the reasons for changes and
                                            have, in some instances, quantified percentage changes in certain factors. However, your
                                            revised disclosure does not provide sufficient information to determine the absolute impact
                                            of factors cited. For example, you state customer management revenue decreased 8% primarily
                                            due to a 5% decline in the volume of online physical goods GMV. It is not clear the extent
                                            to which the 5% decline in volume impacted customer management revenue because you provided
                                            a percentage of an amount that is not quantified. In addition, it does not appear you have
                                            quantified the extent to which changes are attributable to changes in prices or to changes
                                            in volumes or amount of products or services being sold. For example, you state direct sales
                                            increased 6% due to growth of Freshippo and Alibaba Health of 2.8% and 2.5%, but it is not
                                            clear how a financial statement user would determine the impact of each factor cited.</i></b></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Therefore, we reissue our prior
comment. We believe your disclosure could be improved by:</i></b></p>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify"><b><i>relying
                                            on tables to present dollar and percentage changes in accounts, rather than including and
                                            repeating such information in narrative text form;</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"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"></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; text-align: right; color: #493728">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"></font></p></td></tr><tr style="vertical-align: top"><td colspan="3" style="text-align: right"><img src="tm243490d1_correspimg002.jpg" alt="">&nbsp;</td></tr><tr><td style="vertical-align: bottom; width: 48%"><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: 4%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</font></td><td style="vertical-align: bottom; width: 48%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">January&nbsp;17, 2024</font></td></tr></table><p style="margin: 0pt"></p></div>
    <!-- Field: /Page -->

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 style="text-align: justify"><b><i>using
                                            tables to list, quantify, and sum all of the material individual factors to which changes
                                            in accounts are attributable;</i></b></td></tr></table>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify"><b><i>refocusing
                                            the narrative text portion of the disclosure on analysis of the underlying business reasons
                                            for the individual factors in the tables above;</i></b></td></tr></table>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify"><b><i>ensuring
                                            that all material factors are quantified and analyzed; and</i></b></td></tr></table>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify"><b><i>quantifying
                                            the effects of changes in price, volume, and acquisitions on revenues and expense categories,
                                            where appropriate.</i></b></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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 on Taobao and Tmall Group&rsquo;s customer
management revenue to quantify the changes in GMV and take rate. The Company will also supplement its disclosure on direct sales revenue
if the effects of changes in prices or volumes of products or services being sold are material. The Company has further clarified the
way in which the percentages cited relate to and can be linked to quantified and disclosed financial numbers.&nbsp; While not doing this
in the form of a table, the Company has enhanced the disclosure to enable investors to better understand the specific quantified amounts
of various changes cited. The Company believes that the material factors pertinent to the Company&rsquo;s financial results and operating
performance have been disclosed and discussed.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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 with revisions in <u>Annex A</u>. The Company will provide disclosure similar to
the revisions in <u>Annex A</u> in its future annual reports on Form&nbsp;20-F.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>Sales and Marketing Expenses, page&nbsp;138</u></b></p>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"></td><td style="text-align: justify; width: 0.5in"><b>3.</b></td><td style="text-align: justify"><b><i>We
                                            have reviewed your response to prior comment 4. To the extent known, please further revise
                                            to provide quantification of your decrease in sales and marketing expenses from specific
                                            segments or individual businesses which had material impacts on your consolidated sales and
                                            marketing expenses.</i></b></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the
Staff that the 15% decrease in sales and marketing expenses excluding share-based compensation was primarily the result of improved operating
efficiency and cost optimization from its China Commerce segment (before the Reorganization), which led to a significant decline in marketing
and promotional expenses.</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"></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; text-align: right; color: #493728">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"></font></p></td></tr><tr style="vertical-align: top"><td colspan="3" style="text-align: right"><img src="tm243490d1_correspimg002.jpg" alt="">&nbsp;</td></tr><tr><td style="vertical-align: bottom; width: 48%"><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: 4%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</font></td><td style="vertical-align: bottom; width: 48%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">January&nbsp;17, 2024</font></td></tr></table><p style="margin: 0pt"></p></div>
    <!-- Field: /Page -->

<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">A copy of the Company&rsquo;s intended revised disclosure
is set forth with revisions in <u>Annex B</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>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="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>We note your response to prior comment 8, including Annex
                                            D, and have the following comments:</i></b></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; width: 100%; 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 style="text-align: justify"><b><i>With
                                            respect to your disclosures under Item 16I(b)(2), please amend your Form&nbsp;20-F to disclose
                                            and quantify any ownership interests held by governmental entities, including any ownership
                                            interests held by state-owned enterprises, in you and your consolidated operating entities.
                                            In particular, we note your statement that &ldquo;less than 20 other consolidated entities
                                            in [y]our direct sales, sports-related, logistics and other businesses have governmental
                                            ownership&rdquo; and that these entities, in the aggregate, would not be a significant subsidiary
                                            as defined in rule&nbsp;1-02(w)&nbsp;of Regulation S-X. When you amend your filing, please
                                            provide additional detail beyond what was contained in your response about the governmental
                                            ownership interests in these entities that do not constitute significant subsidiaries in
                                            each relevant jurisdiction, along with information about the relative impact of these entities
                                            on your financial statements.</i></b></td></tr></table>

<p style="text-align: justify; 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify"><b><i>With
                                            respect to your disclosures under Item 16I(b)(5), please confirm in your supplemental response,
                                            if true and without qualification, that your articles of incorporation and the articles of
                                            your consolidated foreign operating entities do not contain wording from any charter of the
                                            Chinese Communist Party. Please note that neither Form&nbsp;20-F nor our Release No.&nbsp;34-93701
                                            limit the required disclosure to significant subsidiaries as defined in rule&nbsp;1-02(w)&nbsp;of
                                            Regulation S-X.</i></b></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">In response to the Staff&rsquo;s
comment with respect to the disclosures required under Item 16I(b)(2), the Company provided further details of its subsidiaries and
consolidated entities with governmental ownership, including the jurisdiction of these subsidiaries and entities and of the relevant
governmental entities, percentage of governmental ownership in these subsidiaries and entities, and the revenue contributions of
these subsidiaries and entities on a standalone basis (aggregated by business lines) in Fiscal Year 2023. A copy of the
Company&rsquo;s intended revised disclosure is set forth with revisions in <u>Annex C</u>. The Company respectfully advises the Staff that
the Company relied on public databases to determine governmental ownership in its PRC subsidiaries and consolidated entities, but
such databases are not available for the Company&rsquo;s overseas subsidiaries and consolidated entities. The Company leveraged
other publicly available information to determine governmental ownership in its overseas subsidiaries and consolidated entities, but
was unable to calculate the exact percentage of governmental ownership in these subsidiaries and entities based on publicly
available information.</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"></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">In response to the Staff&rsquo;s comment
with respect to the disclosures required under Item 16I(b)(5), the Company confirms that the currently effective memorandum and articles
of association of the Company and its subsidiaries and consolidated entities do not contain any charter of the Chinese Communist Party.
A copy of the Company&rsquo;s intended revised disclosure is set forth with revisions in <u>Annex C</u>.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Daniel Fertig</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Daniel Fertig</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 10%"><font style="font-size: 10pt">Enclosures:</font></td>
    <td style="width: 90%">Annex A</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>Annex B</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>Annex C</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>cc:</td><td colspan="2">Eddie Yongming Wu, Chief Executive Officer</td></tr><tr style="vertical-align: top">
<td>&nbsp;</td><td colspan="2">Toby Hong Xu, Chief Financial Officer</td></tr>
                                                                                                                   <tr style="vertical-align: top">
<td>&nbsp;</td><td colspan="2">Sara Siying Yu, General Counsel</td></tr>
                                                                                                                   <tr style="vertical-align: top">
<td style="width: 0.5in">&nbsp;</td><td style="width: 0.5in">&nbsp;</td>
                              <td>Alibaba Group Holding Limited</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">Ricky Shin, Partner</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">Daniel Chan, Partner</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">Cynthia Ning, Partner</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</td>
    <td style="width: 0.5in">&nbsp;</td>
    <td>PricewaterhouseCoopers</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"></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 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 2</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>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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 <b><u>and take rate (customer management
revenues divided by online physical goods GMV that represents revenue as a percentage of overall volume generated on Taobao and Tmall)
declining 3% year-over-year</u></b>, 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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<b>, to the total increase of 6%. The year-over-year growth of Freshippo was mainly driven
by growth in average order value. The year-over-year growth of Alibaba Health's direct sales businesses was due to the increase in annual
active consumer (AAC) and increase in average revenue per consumer</b>.</u></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Symbol">&middot;</font>
China Commerce Wholesale Business</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- 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"><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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Symbol">&middot;</font>
International Commerce Retail Business</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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<b>, to the total increase of
17%</b>. </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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Symbol">&middot;</font>
International Commerce Wholesale Business</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Local Consumer Services</i></b></p>

<p style="text-align: justify; 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="text-align: justify; 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<b>, to the total
increase of 12%</b>. 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>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><b>(i)</b></td><td><b>Segment revenue</b></td></tr></table>

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

<p style="text-align: justify; 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, <b>to the total increase of 21%,</b> in 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="text-align: justify; 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>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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="text-align: justify; 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. <b><u>The 4%</u></b> <strike>Y </strike><u>y</u>ear-over-year <strike>revenue </strike><u>growth</u> <strike>of our
Cloud segment reflected</strike> <b><u>was mainly driven by</u></b> the revenue growth from non-Internet industries <strike>driven by
an solid </strike><b><u>of </u></b><u>8%<b>, partly</b></u> <strike>year-over-year growth of revenue , which was partially </strike> offset
by <b><u>the</u></b> <strike>year-over-year</strike> decline <strike>of</strike> in revenue from customers in the Internet industry <b><u>of
</u></b><u>4%. <b>The revenue growth from non-Internet industries</b></u> <strike>which </strike><u>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. <b>The decline in
revenue from customers in the Internet industry was</b></u> 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; 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>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt">*</font>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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;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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">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">&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">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">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">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">% Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <td style="font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 1pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 1pt; font-weight: bold">&nbsp;</td><td style="font-size: 1pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 1pt; font-weight: bold">&nbsp;</td><td style="font-size: 1pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 1pt; font-weight: bold">&nbsp;</td><td style="font-size: 1pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 1pt; 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: 52%; 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: 9%; 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: 9%; 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: 9%; 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: 9%; 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="text-align: justify; 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 <b>of 15%</b> was primarily due to a significant decline in marketing
and promotional expenses <b>from China Commerce segment</b>, 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 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"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; margin: 0pt 0 0pt 0.75in; text-align: justify"><strike>(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
Cayman Islands governmental entities own any shares of Alibaba Group Holding Limited or any variable-interest entity or similarly structured
entity that is consolidated in our financial statements;</strike></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; width: 100%; 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 style="text-align: justify"><u>No governmental entity in the Cayman
                                            Islands and each foreign jurisdiction in which we have consolidated entities (collectively,
                                            the &ldquo;relevant governmental entities&rdquo;) own any shares of Alibaba Group Holding
                                            Limited.</u></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: justify">Our ADSs are listed and traded on
the NYSE and our Shares <u>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" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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: justify">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: justify">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: justify"><b><u>In addition to the above, the
following entities have direct or indirect governmental ownership, which is mostly ownership by state-owned enterprises:</u></b></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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>1)</b></td><td style="text-align: justify"><b><u>Six consolidated entities
                                            in our direct sales business that are incorporated in the PRC have PRC governmental ownership,
                                            among which five entities each has governmental ownership of not more than 10% and the other
                                            entity has a state-owned enterprise shareholder with less than 30% ownership. These six entities
                                            in aggregate contributed to not more than 6% of our total revenue for the fiscal year ended
                                            March&nbsp;31, 2023.</u></b></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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify"><strike>In addition, to the above, less
                                            than 20 other certain </strike><b><u>Three</u></b> consolidated entities in our <strike>direct
                                            sales,</strike> sports-related <strike>, logistics and other</strike> business<strike>es&#8239;, which</strike> <b><u>that are incorporated in the PRC have PRC governmental ownership,
                                            among which one entity has governmental ownership of less than 2% and the other two entities
                                            each has governmental ownership of not more than 25%. These three entities</u></b> in
                                            aggregate contributed to <strike>less than</strike>0.05% of our total revenue <strike>in
                                            </strike><b><u>for</u></b> the fiscal year ended March&nbsp;31, 2023<strike>, have minority
                                            governmental ownership 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)</strike>.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>3)</b></td><td style="text-align: justify"><b><u>Two consolidated entities
                                            in our logistics business that are incorporated in the PRC each has PRC governmental ownership
                                            of 73.5%, which entities are under a logistics real estate equity investment fund for which
                                            we serve as a joint general partner with a state-owned enterprise general partner. These
                                            two entities did not engage in business operations or contribute to our total revenue for
                                            the fiscal year ended March&nbsp;31, 2023.</u></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 1in; text-align: justify"><b><u>One consolidated holding company
incorporated in the Cayman Islands in our logistics business has Singapore governmental ownership of no more than 2% and Malaysian governmental
ownership of no more than 0.5%, which holding company did not contribute to our total revenue for the fiscal year ended March&nbsp;31,
2023.</u></b></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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>4)</b></td><td style="text-align: justify"><b><u>One consolidated holding
                                            company incorporated in the Cayman Islands in our local consumer services business has PRC
                                            governmental ownership of no more than 3.5%, and another consolidated holding company incorporated
                                            in the Cayman Islands in our local consumer services business has Singapore governmental
                                            ownership of no more than 0.5% and Malaysian governmental ownership of no more than 0.5%.
                                            Neither one of the holding companies contributed to our total revenue for the fiscal year
                                            ended March&nbsp;31, 2023.</u></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"></p>

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<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>5)</b></td><td style="text-align: justify"><b><u>One consolidated holding
                                            company incorporated in T&uuml;rkiye in our international commerce retail business has United
                                            Arab Emirates governmental ownership of no more than 2% and Qatar governmental ownership
                                            of no more than 1%, which holding company contributed to 1.35% of our total revenue for the
                                            fiscal year ended March 31, 2023.</u></b></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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>6)</b></td><td style="text-align: justify"><b><u>One consolidated entity
                                            in our digital media and entertainment business that is incorporated in the PRC has PRC governmental
                                            ownership of less than 1%. This entity contributed to 0.001% of our total revenue for the
                                            fiscal year ended March&nbsp;31, 2023.</u></b></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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>7)</b></td><td style="text-align: justify"><b><u>One consolidated entity
                                            in our innovation initiatives and others business that is incorporated in the PRC has PRC
                                            governmental ownership of approximately 32%. This entity is a joint venture between us and
                                            a state-owned enterprise. This entity contributed to 0.1% of our total revenue for the fiscal
                                            year ended March&nbsp;31, 2023.</u></b></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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">8)</td><td style="text-align: justify"><b><u>One consolidated entity in our
                                            health-related business that is incorporated in the PRC has PRC governmental ownership of
                                            20%. This entity did not engage in business operations or contribute to our total revenue
                                            for the fiscal year ended March&nbsp;31, 2023.</u></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 0.75in; text-align: justify"><u>The shares of certain of our subsidiaries
</u>are listed and traded on the Hong Kong Stock Exchange. <strike>PRC g </strike><u>G</u>overnmental 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, <strike>no
PRC </strike><u>we are not aware of any ownership by any relevant</u> governmental entities <strike>own </strike><u>in</u> 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 <u>entities</u><strike>in our financial statements</strike>.</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; width: 100%; 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: justify">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</u>; and</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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: justify">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: justify">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: justify">The currently effective memorandum and articles
of association of <u>each of</u> Alibaba Group Holding Limited, <strike>the variable interest entities or similarly structured entities
that are </strike><b><u>our subsidiaries and</u></b> consolidated <b><u>entities</u></b><strike>in our financial statements, and any
other subsidiaries and consolidated entities listed in Exhibit&nbsp;8.1</strike> 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="margin: 0"></p>

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