<SEC-DOCUMENT>0001104659-25-000039.txt : 20250102
<SEC-HEADER>0001104659-25-000039.hdr.sgml : 20250102
<ACCEPTANCE-DATETIME>20250102060227
ACCESSION NUMBER:		0001104659-25-000039
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250102
FILED AS OF DATE:		20250102
DATE AS OF CHANGE:		20250102

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36614
		FILM NUMBER:		25500043

	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>6-K
<SEQUENCE>1
<FILENAME>tm2432340d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</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; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Rule&nbsp;13a-16 or 15d-16 </B></FONT><B>Under</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</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; text-align: center"><B>January 2, 2025</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; text-align: center"><B>Commission File Number: 001-36614</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alibaba Group Holding Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s name)</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: center"><B>26/F Tower One, Times Square</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 Matheson Street</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hong Kong S.A.R.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</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">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT> Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#168;</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"></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>EXHIBITS</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"><A HREF="tm2432340d1_ex99-1.htm">Exhibit&nbsp;99.1 &ndash;
Announcement &ndash; Discloseable Transaction &ndash; Disposal of the Alibaba Sale Shares in Sun Art</A></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>SIGNATURES</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">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</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 STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALIBABA GROUP HOLDING LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT>January 2, 2025</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kevin Jinwei ZHANG</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Jinwei ZHANG</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Company Secretary &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"></P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2432340d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></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 STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border: Black 1pt solid; font-size: 10pt; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong Exchanges and Clearing Limited and The Stock Exchange
    of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
    and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of
    the contents of this announcement.</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 Company has one class of shares, and each holder of Shares
    is entitled to one vote per Share. As the Alibaba Partnership&rsquo;s director nomination rights are categorized as a weighted voting
    rights structure (the &ldquo;<B>WVR structure</B>&rdquo;) under the Hong Kong Listing Rules, our Company is deemed as a company with
    a WVR structure. Shareholders and prospective investors should be aware of the potential risks of investing in a company with a WVR
    structure. Our Company&rsquo;s American depositary shares, each representing eight Shares, are listed on the New York Stock Exchange
    in the United States under the symbol BABA.</P></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-align: center"><IMG SRC="tm2432340d1_ex99-1img001.jpg" ALT=""></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: center"><B>Alibaba Group Holding Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#38463;&#37324;&#24052;&#24052;&#38598;&#22296;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Incorporated in the Cayman Islands with limited
liability)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Stock Code: 9988 (HKD Counter) and 89988 (RMB
Counter))</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; text-align: center"><B>DISCLOSEABLE TRANSACTION</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; text-align: center"><B>DISPOSAL OF THE ALIBABA SALE SHARES IN SUN
ART</B></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 STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border: Black 1pt solid; font-size: 10pt; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is made to the Joint Announcement made by the Purchaser and
Sun Art in relation to: (i)&nbsp;the entering of the SPA; (ii)&nbsp;the possible mandatory unconditional cash offers to be made by the
Purchaser for the entire issued share capital of Sun Art; and (iii)&nbsp;the possible compulsory acquisition and withdrawal of listing
of Sun Art.</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 at the date of this announcement, our Company indirectly holds 7,027,297,350
Sun Art Shares (being the Alibaba Sale Shares) through our wholly-owned subsidiaries, A-RT Retail and Taobao China (being the Alibaba
Subsidiaries), representing approximately 73.66% of the Sun Art Shares in issue as at the date of this announcement.</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>DISPOSAL OF THE ALIBABA SALE SHARES IN SUN ART PURSUANT TO
    THE SPA</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December&nbsp;31, 2024, the Alibaba Subsidiaries and New Retail
entered into the SPA with the Purchaser, pursuant to which the Purchaser has conditionally agreed to purchase (by itself and/or through
an entity/entities which is/are wholly owned by its shareholder): (i)&nbsp;the Alibaba Sale Shares (representing <FONT STYLE="color: #231F20">approximately
</FONT>73.66% of the total number of Sun Art Shares in issue as at the date of this announcement) from the Alibaba Subsidiaries; and (ii)&nbsp;480,369,231
Sun Art Shares (representing <FONT STYLE="color: #231F20">approximately </FONT>5.04% of the total number of Sun Art Shares in issue as
at the date of this announcement) from New Retail, subject to the terms and conditions of the SPA. For the avoidance of doubt, New Retail
is not accounted for as a subsidiary of our Company.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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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="font-size: 10pt; vertical-align: top"><TD STYLE="padding: 2pt 5.4pt; border: Black 1pt solid; font-size: 10pt; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Immediately after the SPA Completion, the Purchaser will be interested
in <FONT STYLE="color: #231F20">7,507,666,581 Sun Art Shares, representing approximately 78.70% of the total number of Sun Art Shares
in issue as at the date of this announcement</FONT>. Pursuant to Rule&nbsp;26.1 of the Takeovers Code, the Purchaser will be required
to make a mandatory general offer for all the issued shares of Sun Art, other than those already owned and/or agreed to be acquired by
the Purchaser and parties acting in concert with it. The Purchaser will also be required to make an appropriate offer to the Optionholders
in accordance with Rule&nbsp;13 of the Takeovers Code. <FONT STYLE="color: #231F20">Further details of the offers are set out in the Joint
Announcement.</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>HONG KONG LISTING RULES IMPLICATIONS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As one or more of the applicable percentage ratios under Rule&nbsp;14.07
are expected to be 5% or more but all are less than 25%, the Disposal constitutes a discloseable transaction of our Company under the
Hong Kong Listing Rules&nbsp;and is therefore subject to the reporting and announcement requirements under Chapter 14 of the Hong Kong
Listing Rules.</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>Shareholders and/or potential investors of our Company should
    note that the SPA Completion is subject to certain conditions being satisfied (or waived). Therefore, Shareholders and/or potential
    investors of our Company should exercise caution when dealing in our Shares. </B></P></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INTRODUCTION</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">Reference is made to the Joint Announcement made by the Purchaser and
Sun Art in relation to: (i)&nbsp;the entering of the SPA; (ii)&nbsp;the possible mandatory unconditional cash offers to be made by the
Purchaser for the entire issued share capital of Sun Art; and (iii)&nbsp;the possible compulsory acquisition and withdrawal of listing
of Sun Art.</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 at the date of this announcement, our Company indirectly holds 7,027,297,350
Sun Art Shares (being the Alibaba Sale Shares) through our wholly-owned subsidiaries, A-RT Retail and Taobao China (being the Alibaba
Subsidiaries), representing approximately 73.66% of the Sun Art Shares in issue as at the date of this announcement.</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>DISPOSAL OF THE ALIBABA SALE SHARES IN SUN ART PURSUANT TO THE SPA</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">On December&nbsp;31, 2024, the Alibaba Subsidiaries and New Retail
entered into the SPA with the Purchaser, pursuant to which the Purchaser has conditionally agreed to purchase (by itself and/or through
an entity/entities which is/are wholly owned by its shareholder): (i)&nbsp;the Alibaba Sale Shares (representing <FONT STYLE="color: #231F20">approximately
</FONT>73.66% of the total number of Sun Art Shares in issue as at the date of this announcement) from the Alibaba Subsidiaries; and
(ii)&nbsp;480,369,231 Sun Art Shares (representing <FONT STYLE="color: #231F20">approximately </FONT>5.04% of the total number of Sun
Art Shares in issue as at the date of this announcement) from New Retail, subject to the terms and conditions of the SPA. For the avoidance
of doubt, New Retail is not accounted for as a subsidiary of our Company.</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">Immediately after the SPA Completion, the Purchaser will be interested
in <FONT STYLE="color: #231F20">7,507,666,581 Sun Art Shares, representing approximately 78.70% of the total number of Sun Art Shares
in issue as at the date of this announcement</FONT>. Pursuant to Rule&nbsp;26.1 of the Takeovers Code, the Purchaser will be required
to make a mandatory general offer for all the issued shares of Sun Art, other than those already owned and/or agreed to be acquired by
the Purchaser and parties acting in concert with it. The Purchaser will also be required to make an appropriate offer to the Optionholders
in accordance with Rule&nbsp;13 of the Takeovers Code. <FONT STYLE="color: #231F20">Further details of the offers are set out in the Joint
Announcement.</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>Principal Terms of the SPA</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">The principal terms of the SPA are set out as follows:</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; color: #231F20"><B>Date</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">December&nbsp;31, 2024</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; color: #231F20"><B>Parties</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">Sellers: A-RT Retail, Taobao China and New Retail</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; color: #231F20">Purchaser: Paragon Shine 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; color: #231F20"><B>The Sale Shares</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">The Sale Shares <FONT STYLE="color: #231F20">comprise 7,507,666,581
Sun Art Shares (representing approximately 78.70% of the total number of Sun Art Shares in issue as at the date of this announcement)</FONT>,
of which: (i)&nbsp;the Alibaba Sale Shares (representing <FONT STYLE="color: #231F20">approximately </FONT>73.66% of the total number
of Sun Art Shares in issue as at the date of this announcement) are indirectly held by our Company through the Alibaba Subsidiaries; and
(ii)&nbsp;480,369,231 Sun Art Shares (representing <FONT STYLE="color: #231F20">approximately </FONT>5.04% of the total number of Sun
Art Shares in issue as at the date of this announcement) are held by New Retail.</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; color: #231F20"><B>Consideration for the Sale Shares</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">Pursuant to the SPA, the Sellers (comprising the Alibaba Subsidiaries
and New Retail) are entitled to receive HK$11,637 million, equivalent to HK$1.55 per Sale Share (inclusive of the 2024 Interim Dividend
of <FONT STYLE="color: #231F20">HK$0.17 per Sun Art Share</FONT> declared by Sun Art on December&nbsp;10, 2024 and exclusive of Interest).</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">In the event that the 2024 Interim Dividend has already been received
by the Sellers on or before the SPA Completion, the SPA First Payment Price will be reduced by <FONT STYLE="color: #231F20">the amount
of the 2024 Interim Dividend and the </FONT>Sellers will be entitled to receive HK$10,361 million, equivalent to HK$1.38 per Sale Share
instead in the following manner<FONT STYLE="color: #231F20">:</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #231F20">(a).</FONT></TD><TD><FONT STYLE="color: #231F20">a sum of </FONT>HK$6,907 million<FONT STYLE="color: #231F20">, equivalent to HK$0.92 per Sale Share (being
</FONT>the <FONT STYLE="color: #231F20">SPA First Payment Price of </FONT>HK$1.09 <FONT STYLE="color: #231F20">per Sale Share less the
2024 Interim Dividend), shall be paid by the Purchaser to the Sellers in cash upon the SPA Completion, provided that the amount of the
SPA First Payment Price payable by the Purchaser shall be reduced by any dividends or other distributions (except for the 2024 Interim
Dividend of HK$0.17 per Sun Art Share) distributed by Sun Art to the Sellers after the date of the SPA up to the SPA Completion Date (if
any) and the stamp duty payable by the Sellers with respect to the transfer of the Sale Shares; and</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #231F20">(b).</FONT></TD><TD><FONT STYLE="color: #231F20">the balance of </FONT>HK$3,454 million<FONT STYLE="color: #231F20">, equivalent to </FONT>the <FONT STYLE="color: #231F20">SPA
Second Payment Price of </FONT>HK$0.46 <FONT STYLE="color: #231F20">per Sale Share, shall be deferred and paid by the Purchaser to the
Sellers, in cash on the SPA Second Payment Date. In addition,&nbsp;Interest shall be payable in connection with the SPA Second Payment
Price of </FONT>HK$0.46 <FONT STYLE="color: #231F20">per Sale Share on the SPA Second Payment Date, consisting of (1)&nbsp;the</FONT>
Base Interest, accrued at 4.80% per annum from the SPA Completion Date until the SPA Second Payment Date, and (2)&nbsp;the Variable Interest,
in the event that the 2027/2028 Average Adjusted EBITDA of Sun Art Group exceeds the <FONT STYLE="color: #231F20">Adjusted EBITDA Low
Limit and/or </FONT>the <FONT STYLE="color: #231F20">Adjusted EBITDA High Limit.</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">In the event that the 2027/2028 Average Adjusted EBITDA is higher than
or equal to the Adjusted EBITDA High Limit, a maximum amount of Interest (being the aggregate of the Base Interest and the Variable Interest)
of HK$0.20 per Sale Share shall be payable by the Purchaser. Taking into account (1)&nbsp;the Interest of HK$0.20 per Sale Share, and
(2)&nbsp;HK$1.55 per Sale Share (inclusive of the 2024 Interim Dividend), the Sellers (comprising the Alibaba Subsidiaries and New Retail)
will be entitled to receive a maximum amount of approximately HK$13,138 million in respect of the Sale Shares, equivalent to HK$1.75 per
Sale Share.</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>Adjustment of the Adjusted EBITDA Low Limit and Adjusted EBITDA
High Limit</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">In the event of occurrence of any EBITDA Limit Adjustment Event, the
Sellers and the Purchaser shall, within one month after March&nbsp;31, 2028, discuss in good faith with a view to agreeing on any reasonable
adjustments that may need to be made to the Adjusted EBITDA Low Limit and the Adjusted EBITDA High Limit as a result of each EBITDA Limit
Adjustment Event, having regard to the following factors: (i)&nbsp;the Target Adjusted EBITDA of that EBITDA Limit Adjustment Event; and
(ii)&nbsp;the gain or loss to be recognized by Sun Art Group as a result of that EBITDA Limit Adjustment Event for the two financial years
ending March&nbsp;31, 2027 and March&nbsp;31, 2028.</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>Basis of Consideration</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">The consideration for the Sale Shares was determined after arm&rsquo;s
length commercial negotiations between the parties after taking into account, among other things, the recent and historical prices of
the Sun Art Shares on the Stock Exchange, the historical financial performance of Sun Art, the market liquidity of the Sun Art Shares,
and the 2024 Interim Dividend of HK$0.17 per Sun Art Share declared and receivable by the Sellers.</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">The Base Interest and Variable Interest were determined after arm&rsquo;s
length negotiation between the Sellers and the Purchaser taking into account a range of factors such as benchmark interest rates, creditworthiness
of the Purchaser, type and nature of the deferred settlement, macro-economic factors and industry risks.</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">Taking into account the 2024 Interim Dividend and assuming that the
2027/2028 Average Adjusted EBITDA is higher than or equal to <FONT STYLE="color: #231F20">the Adjusted EBITDA High Limit</FONT>, the Sellers
are entitled to receive up to HK$1.75 <FONT STYLE="color: #231F20">per Sale Share (inclusive of Interest and the 2024 Interim Dividend).</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">HK$1.75 per Sale Share, being the aggregate of (a)&nbsp;the maximum
consideration (inclusive of Interest) for the Sale Shares payable by the Purchaser and (b)&nbsp;the 2024 Interim Dividend, represents:</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"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>a discount of approximately 4.89% over the closing price of HK$1.84 per Sun Art Share as quoted on the Stock Exchange on the Undisturbed
Date;</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"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>a premium of approximately 30.43% over the average closing price of HK$1.34 per Sun Art Share for the 30 trading days as quoted on
the Stock Exchange immediately prior to and including the Undisturbed Date;</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"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>a premium of approximately 31.23% over the average closing price of HK$1.33 per Sun Art Share for the 60 trading days as quoted on
the Stock Exchange immediately prior to and including the Undisturbed Date; 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" 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"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>a premium of approximately 20.15% over the average closing price of HK$1.46 per Sun Art Share for the 120 trading days as quoted on
the Stock Exchange immediately prior to and including the Undisturbed Date.</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">HK$1.55 per Sale Share, being the aggregate of (a)&nbsp;the minimum
consideration (exclusive of Interest) for the Sale Shares payable by the Purchaser and (b)&nbsp;the 2024 Interim Dividend, represents:</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"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>a discount of approximately 15.76% over the closing price of HK$1.84 per Sun Art Share as quoted on the Stock Exchange on the Undisturbed
Date;</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"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>a premium of approximately 15.53% over the average closing price of HK$1.34 per Sun Art Share for the 30 trading days as quoted on
the Stock Exchange immediately prior to and including the Undisturbed Date;</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"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>a&#9;premium of approximately 16.24% over the average closing price of HK$1.33 per Sun Art Share for the 60 trading days as quoted
on the Stock Exchange immediately prior to and including the Undisturbed Date; and</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"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>a premium of approximately 6.42% over the average closing price of HK$1.46 per Sun Art Share for the 120 trading days as quoted on
the Stock Exchange immediately prior to and including the Undisturbed Date.</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; color: #231F20"><B>Conditions to the SPA</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; color: #231F20">SPA Completion is conditional on the following conditions
being satisfied or waived in accordance with the SPA:</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; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the merger control filing with SAMR with respect to the transactions contemplated under the SPA having been completed, and: (i)&nbsp;the
approval by SAMR with respect to such merger control filing having been duly obtained; or (ii)&nbsp;the relevant waiting periods (or any
extensions thereof) having expired, lapsed or been terminated (as appropriate) with no objection having been received from SAMR;</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; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the Sun Art Shares remaining listed and traded on the Stock Exchange as of the SPA Completion Date, save for any temporary suspension(s)&nbsp;of
trading of the Sun Art Shares and no indication being received on or before the SPA Completion Date from the SFC and/or the Stock Exchange
to the effect that the listing of the Sun Art Shares on the Stock Exchange is or is likely to be withdrawn;</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; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>up to and as at the SPA Completion Date, no event initiated or taken by any Relevant Authority having occurred or already existing
(including any law, order, enquiry, action, proceeding, suit or investigation instituted or taken by any Relevant Authorities) which would
make the transfer of the Sale Shares to the Purchaser void, unenforceable, illegal or impracticable, impose any material and adverse conditions
or obligations in connection with the transactions contemplated under the SPA, or prohibit the implementation of the transactions contemplated
under the SPA; and</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; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>up to and as of the SPA Completion Date, there having been no material adverse change in the business, assets, financial or trading
position or the prospects or conditions (whether operational, legal or otherwise) of Sun Art Group taken as a whole (to an extent which
is material in the context of Sun Art Group taken as a whole), provided, however, that none of the following matters, alone or in combination,
shall be deemed to constitute, nor shall their effect be taken into account (except, in the case of (i)&nbsp;and (ii)&nbsp;below, to the
extent that such matters disproportionately and adversely affect Sun Art Group by comparison to other similarly situated participants
in the industry that Sun Art Group operates) in determining whether there has been or will be a material adverse change: (i)&nbsp;general
business, economic or political conditions affecting the industry or jurisdiction in which Sun Art Group operates, including without limitation
national or international hostilities, act of war, terrorist attack, natural disasters or force majeure events; (ii)&nbsp;any epidemic,
pandemic or disease outbreak and any shutdowns or lockdowns by order of any Relevant Authority; (iii)&nbsp;changes in Laws or the interpretation
or enforcement thereof; (iv)&nbsp;the taking of any action, or failure to take any action, by any member of Sun Art Group or any change
or effect arising out of actions taken (or omitted to be taken) at the written request of or with the written consent of the Purchaser;
(v)&nbsp;any change or effect arising out of compliance with the terms and conditions of the SPA; or (vi)&nbsp;any matter disclosed by
the Sellers to the Purchaser (or its representatives) in connection with the transactions contemplated under the SPA in the manner prescribed
under the SPA.</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; color: #231F20">The Purchaser reserves the right to waive, in whole
or in part, all the Conditions set out in (b)&nbsp;to (d)&nbsp;(both inclusive) above. The Condition set out in (a)&nbsp;above cannot
be waived.</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; color: #231F20">If the above Conditions have not been satisfied or
(where applicable) waived by the Long Stop Date, the SPA may be terminated by the Purchaser or any of the Sellers.</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; color: #231F20"><B>SPA Completion</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; color: #231F20">SPA Completion shall take place on a date which is
no later than twelve (12) Completion Business Days following the date on which Condition (a)&nbsp;above is satisfied, or such other date
as may be agreed in writing by the Purchaser and the Sellers.</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; color: #231F20">For the avoidance of doubt, SPA Completion occurs on
the settlement of the SPA First Payment and is not subject to the SPA Second Payment.</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; color: #231F20"><B>Citrine Share Mortgage</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; color: #231F20">On or before the SPA Completion, the Citrine Share
Mortgage shall be granted to the Sellers to secure obligations of the Purchaser for the settlement of the SPA Second Payment, unless the
Sellers and the Purchaser agree otherwise. The Sellers and the Purchaser agree that the Citrine Share Mortgage shall contain provisions
customary for a share mortgage of such nature.</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>Shareholders and/or potential investors of our Company should note
that the SPA Completion is subject to certain conditions being satisfied (or waived). Therefore, Shareholders and/or potential investors
of our Company should exercise caution when dealing in our Shares.</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>FINANCIAL EFFECTS OF THE DISPOSAL</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">Following completion of the Disposal, Alibaba Group will no longer
hold any equity interest in Sun Art and Sun Art will cease to be accounted for as a subsidiary of our Company.</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">Assuming that the Disposal completes and taking into consideration:
(i)&nbsp;the estimated fair value of the consideration receivable for the Alibaba Sale Share by our Company; (ii)&nbsp;the carrying values
of the net assets of Sun Art and the non-controlling interests in Sun Art included in our Company&rsquo;s unaudited condensed consolidated
balance sheet as of September&nbsp;30, 2024, adjusted for the amount of the 2024 Interim Dividend attributable to our Company, our Company
estimates the losses attributable to our Shareholders arising from the Disposal to be approximately RMB13,177 million.</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">The calculation is only an estimate provided for illustrative purposes.
The actual financial impacts to be reflected in our Company&rsquo;s audited consolidated financial statements are subject to final audit,
and are affected by several factors (including but not limited to the timing of completion of the Disposal, the carrying values of the
net assets of Sun Art and the non-controlling interests in Sun Art).</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>USE OF PROCEEDS</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">The gross proceeds receivable by our Company, assuming the maximum
amount receivable of up to HK$1.75 per Alibaba Sale Share <FONT STYLE="color: #231F20">(inclusive of Interest and the 2024 Interim Dividend)</FONT>,
would be approximately HK$12,298 million (approximately RMB11,383 million). The proceeds from the Disposal are currently intended to be
used by our Company for business developments, shareholder returns and general corporate purposes.</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>HONG KONG LISTING RULES IMPLICATIONS IN RESPECT OF THE DISPOSAL</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">As one or more of the applicable percentage ratios under Rule&nbsp;14.07
are expected to be 5% or more but all are less than 25%, the Disposal constitutes a discloseable transaction of our Company under the
Hong Kong Listing Rules&nbsp;and is therefore subject to the reporting and announcement requirements under Chapter 14 of the Hong Kong
Listing Rules.</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>REASONS FOR AND BENEFITS OF THE DISPOSAL</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">The Disposal is considered to be a good opportunity for Alibaba Group
to monetize its non-core assets and to utilize such proceeds to better focus on the development of its core businesses and enhance its
shareholder return. Alibaba Group remains confident in the prospect of China&rsquo;s consumer market. Going forward, our Company will
continue to enhance consumer experience through technological innovation, and foster high-quality growth across the industry.</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">Having considered the above, our Directors believe that the terms of
the SPA are on normal commercial terms and are fair and reasonable and in the interests of our Company and our Shareholders as a whole.</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>INFORMATION ABOUT THE PARTIES</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>Information about our Company</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">Our Company is a company incorporated in the Cayman Islands, with our
American depositary shares (each representing eight Shares) listed on the New York Stock Exchange (Stock Symbol: BABA), and our Shares
listed on the Main Board (Stock Code: 9988 (HKD Counter) and 89988 (RMB Counter)).</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 Company&rsquo;s mission is to make it easy to do business anywhere.
Our Company aims to build the future infrastructure of commerce and envisions that our customers will meet, work and live at Alibaba,
and that we aspire to be a good company that will last for 102 years.</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">Each of the Alibaba Subsidiaries is an indirect wholly-owned subsidiary
of our Company.</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>Information about <FONT STYLE="color: #231F20">New Retail</FONT></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; color: #231F20">New Retail is an investment vehicle wholly-owned by
New Retail Strategic Opportunities Fund, L.P.</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; color: #231F20">New Retail Strategic Opportunities GP Limited is the
general partner of New Retail Strategic Opportunities Fund GP, L.P., which in turn is the general partner of New Retail Strategic Opportunities
Fund, L.P.</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; color: #231F20">New Retail Strategic Opportunities GP Limited is directly
wholly-owned by Alibaba Investment Limited, which in turn is directly wholly-owned by our Company.</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">Whilst our Company is able to exercise significant influence over the
investment decisions of New Retail, New Retail is not accounted for as a subsidiary of our Company, and our Company applies the equity
method to account for the investment in New Retail Strategic Opportunities Fund, L.P., the holding company of New Retail.</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>Information about Sun Art</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">Sun Art is a company incorporated in Hong Kong with limited liability,
the shares of which are currently listed on the Main Board (Stock Code: 6808). The principal activities of Sun Art are the operation of
brick-and-mortar stores and online sales channels where merchandise, mainly fresh products, FMCG (fast moving consumer goods), textile,
electric appliance and general goods, are made available for sale, with a coverage of more than 200 cities nationwide and ownership of
more than 120 properties in Mainland 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">The unaudited net assets of Sun Art as at September&nbsp;30, 2024 (based
on Sun Art&rsquo;s interim report for the six months ended September&nbsp;30, 2024) amounted to approximately RMB21,798 million. The audited
net loss before and after taxation of Sun Art for the year ended March&nbsp;31, 2024 (based on Sun Art&rsquo;s annual report for the year
ended March&nbsp;31, 2024) amounted to approximately RMB1,434 million and RMB1,668 million, respectively. The audited net profits before
and after taxation of Sun Art for the year ended March&nbsp;31, 2023 (based on Sun Art&rsquo;s annual report for the year ended March&nbsp;31,
2023) amounted to RMB722 million and RMB78 million, respectively.</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>Information about <FONT STYLE="color: #231F20">the Purchaser</FONT></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; color: #231F20">The Purchaser is an exempt company incorporated in
the Cayman Islands with limited liability. It is 100% indirectly owned by DCP Capital Partners II, L.P., a fund of DCP Capital with total
fund commitments of approximately US$2.6 billion. The general partner of DCP Capital Partners II, L.P. is DCP General Partner II,&nbsp;Ltd.
DCP Capital Partners II, L.P. is a fund with a diversified base of approximately 60 limited partners and no single limited partner held
more than 15% of the limited partnership interests therein.</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; color: #231F20">DCP Capital is an alternative asset management company
focused on private equity investments. Combining more than three decades of global investment experience and extensive resources, DCP
Capital has accumulated deep knowledge in key focus industries and strong operational value creation capabilities.</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; color: #231F20">Taking a long-term, sustainable approach to building
and growing enterprises, DCP Capital provides portfolio companies with strategic insights, access to capital, and comprehensive operational
expertise. Leveraging its strong track record in the consumer and retail space, DCP Capital prioritizes win-win alignment of interests
with senior management and fellow shareholders to drive success for all parties.</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">To the best knowledge, information and belief of our Directors, having
made all reasonable enquiry, the Purchaser and its ultimate beneficial owners are independent of and not connected with our Company and
our connected persons.</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>EXCHANGE RATE INFORMATION</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">This announcement contains translations of certain RMB amounts into
HK$ for the convenience of the reader. Unless otherwise stated, all translations of RMB into HK$ were made at RMB0.92564 to HK$1.00, the
middle rate on December&nbsp;27, 2024 as published by the People&rsquo;s Bank of 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"><B>FORWARD-LOOKING STATEMENTS</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">This announcement contains forward-looking statements made under the
 &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995. Among other things, statements that
are not historical facts, including statements about the SPA Completion and financial effects of the Disposal, are or contain forward-looking
statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ
materially from those contained in any forward-looking statement, including but not limited to the possibility that various regulatory
approvals (including approval of SAMR) or other Conditions for the SPA Completion may not be obtained, satisfied or waived. In particular,
the consideration for the Sale Shares may vary depending on Sun Art Group&rsquo;s financial performance in the future, and there can be
no assurance that the maximum consideration will be received. Further information regarding these risks is included in our Company&rsquo;s
filings with the Securities and Exchange Commission and announcements on the website of the Stock Exchange. All information contained
in this announcement is as of the date of this announcement and are based on assumptions that our Company believes to be reasonable as
of this date. You should not rely upon these forward-looking statements as predictions of future events. Our Company does not undertake
any obligation to update any forward-looking statement, except as required under applicable law.</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; color: #231F20"><B>DEFINITIONS</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; color: #231F20">Unless the context requires otherwise, the following
expressions have the meanings set out below in this announcement:</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 STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;2024 Interim Dividend&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 65%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">the interim dividend for the six months ended September&nbsp;30, 2024 of HK$0.17 per Sun Art Share which the board of directors of Sun Art resolved to declare on December&nbsp;10, 2024 and which will be paid by Sun Art on January&nbsp;24, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;2027/2028 Average Adjusted EBITDA&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the average of the Adjusted EBITDA of Sun Art Group for the two financial years ending March&nbsp;31, 2027 and March&nbsp;31, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Adjusted EBITDA&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">the operating profit (defined as gross profit minus selling and marketing expenses, minus administrative expenses, plus other income and other gains, net, as presented in the consolidated statement of profit or loss and other comprehensive income in the annual report of Sun Art for the financial year ended March&nbsp;31, 2024), (i)&nbsp;<I><U>plus</U></I> depreciation cost of investment properties and other property, plant and equipment, (ii)&nbsp;<I><U>plus</U></I> amortization cost of intangible assets, (iii)&nbsp;<I><U>minus</U></I> interest income on financial assets measured at amortized cost, and (iv)&nbsp;<I><U>plus</U></I> impairment losses on investment properties and other property, plant and equipment</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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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 STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 35%"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Adjusted EBITDA High Limit&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 65%"><FONT STYLE="font-size: 10pt">initially, RMB4.4 billion, subject to EBITDA Limit Adjustment (if any)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Adjusted EBITDA Low Limit&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">initially, RMB3.9 billion, subject to EBITDA Limit Adjustment (if any)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Alibaba Sale Shares&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">7,027,297,350 <FONT STYLE="color: #231F20">Sun Art Shares held by the Alibaba </FONT>Subsidiaries<FONT STYLE="color: #231F20">, representing approximately 73.66% of the total number of Sun Art Shares in issue as at the date of this announcement</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;</FONT><FONT STYLE="font-size: 10pt">A-RT Retail<FONT STYLE="color: #231F20">&rdquo;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">A-RT Retail Holdings Limited (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#21513;&#37995;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</FONT>), a company incorporated in Hong Kong and a wholly-owned subsidiary of our Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Alibaba Group&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">our <FONT STYLE="color: #231F20">Company, </FONT>our <FONT STYLE="color: #231F20">consolidated subsidiaries and </FONT>our <FONT STYLE="color: #231F20">affiliated consolidated entities</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Alibaba </FONT><FONT STYLE="font-size: 10pt">Subsidiaries<FONT STYLE="color: #231F20">&rdquo;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">A-RT Retail and Taobao China </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Base Interest&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">interest accruing on the SPA Second Payment Price at 4.80% per annum, compounded annually</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Board&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the board of Directors</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Business Day&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">a day on which the Stock Exchange is open for the transaction of business</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Citrine Share Mortgage(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the share mortgage(s)&nbsp;in form(s)&nbsp;satisfactory to the Sellers to be granted to the holder(s)&nbsp;of such shares, in favor of the Sellers, in respect of 100% of the issued shares of Citrine Lime Limited, the sole shareholder of the Purchaser and a company wholly owned by DCP Capital Partners II, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Company&rdquo; </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Alibaba Group Holding Limited (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#38463;&#37324;&#24052;&#24052;&#38598;&#22296;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</FONT>), a company incorporated in the Cayman Islands, with our American depositary shares (each representing eight Shares) listed on the New York Stock Exchange (stock symbol: BABA) and our Shares listed on the Main Board (stock code: 9988 (HKD counter) and 89988 (RMB counter))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Completion Business Day(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">a day other than a Saturday or Sunday or public holiday in Hong Kong, Mainland China and the United States of America</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Condition(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">the conditions precedent to SPA Completion as set out under the sub-section headed &ldquo;Conditions to the SPA&rdquo; in this announcement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;DCP Capital&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">a leading international private equity firm founded by experienced private equity investors, further details in relation to which are set out in the sub-section headed &ldquo;Information about the Purchaser&rdquo; in this announcement</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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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 STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 35%"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Directors&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 65%"><FONT STYLE="font-size: 10pt; color: #231F20">directors of </FONT><FONT STYLE="font-size: 10pt">our <FONT STYLE="color: #231F20">Company from time to time</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Disposal&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the proposed disposal of the Alibaba Sale Shares held by the Alibaba </FONT><FONT STYLE="font-size: 10pt">Subsidiaries <FONT STYLE="color: #231F20">pursuant to the SPA</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;EBITDA Limit Adjustment&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">adjustments which may be made to the Adjusted EBITDA Low Limit and Adjusted EBITDA High Limit in the manner set out under the sub-section headed &ldquo;Adjustment of the Adjusted EBITDA Low Limit and Adjusted EBITDA High Limit&rdquo; in this announcement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;EBITDA Limit Adjustment Event&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">any transaction by Sun Art Group from the SPA Completion Date until March&nbsp;31, 2028 which: (a)&nbsp;is outside of the ordinary course of its business; and (b)&nbsp;would constitute a discloseable transaction or a higher classification of notifiable transaction of Sun Art (irrespective of whether the Sun Art Shares remain listed on the Main Board) under the provisions of Chapter 14 of the Listing Rules&nbsp;in force as at the date of the SPA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;HK$&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">Hong Kong dollars, the lawful currency of Hong Kong</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Hong Kong&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the Hong Kong Special Administrative Region of the People&rsquo;s Republic of China</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Hong Kong Listing Rules&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the Rules&nbsp;Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Interest&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the aggregate of the Base Interest and the Variable Interest</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Joint Announcement&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the announcement jointly published by the Purchaser and Sun Art dated December&nbsp;31, 2024 in respect of, amongst others, the SPA and the unconditional mandatory cash offer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Law&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">any law, common law, statute, directive, recommendation, rule, regulation, notice, code of practice, guidance note, guidance letter, practice note, decision, judgment, decree, order, instrument or subordinate legislation of or issued by any Relevant Authority (whether of Hong Kong or any other relevant jurisdiction)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Long Stop Date&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the date falling nine months from the date of the SPA (being September&nbsp;30, 2025), or a later date as agreed by the Purchaser and the Sellers</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Main Board&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the Main Board of the Stock Exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Mainland China&rsquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the People&rsquo;s Republic of China, which, for the purpose of this announcement, excludes Hong Kong, the Macau Special Administrative Region and Taiwan</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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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 STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 35%"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;New Retail&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 65%"><FONT STYLE="font-size: 10pt">New Retail Strategic Opportunities Investments 1 Limited, an investment vehicle wholly-owned by an investment fund in respect of which our Company is able to exercise significant influence over its investment decisions</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Optionholder&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">a holder of the Sun Art Options</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;PRC&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the People&rsquo;s Republic of China </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Purchaser&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">Paragon Shine Limited, an exempted company incorporated in the Cayman Islands with limited liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Relevant Authorities&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">any government, administrative or regulatory body, or court, tribunal, arbitrator, governmental agency or authority or department, securities exchange or body or authority regulating such securities exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;RMB&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">Renminbi, the lawful currency of the PRC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sale Shares&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">an aggregate of 7,507,666,581 Sun Art Shares (representing approximately 78.70% of the total number of Sun Art Shares in issue as at the date of this announcement) held by </FONT><FONT STYLE="font-size: 10pt">the Alibaba Subsidiaries and New Retail </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SAMR&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the State Administration for Market Regulation of the PRC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sellers&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">A-RT Retail, Taobao China and New Retail</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SFC&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the Securities and Futures Commission of Hong Kong</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Shares&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the ordinary shares of </FONT><FONT STYLE="font-size: 10pt">our <FONT STYLE="color: #231F20">Company</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Shareholders&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the registered holders of Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the sale and purchase agreement dated December&nbsp;31, 2024 entered into between the Sellers and the Purchaser in respect of the sale and purchase of the Sale Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA Completion&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">completion of the sale and purchase of the Sale Shares under the SPA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA Completion Date&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the date on which SPA Completion takes place</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA First Payment&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the payment of the SPA First Payment Price to be made by the Purchaser to the Sellers in cash upon the SPA Completion in accordance with the terms and conditions of the SPA</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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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 STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 35%"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA First Payment Price&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 65%"><FONT STYLE="font-size: 10pt; color: #231F20">HK$1.09 per Sale Share (inclusive of the 2024 Interim Dividend of HK$0.17 per Sale Share)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA Second Payment&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the payment of the SPA Second Payment Price, together with the Base Interest accruing on the SPA Second Payment Price from the SPA Completion Date until the date on which the SPA Second Payment Price is paid and the Variable Interest, to be made by the Purchaser to the Sellers in accordance with the terms and conditions of the SPA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA Second Payment Price&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">HK$0.46 per Sale Share </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;SPA Second Payment Date&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #231F20">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;with
    respect to the payment of the SPA Second Payment Price and the Base Interest accruing on the SPA Second Payment Price, the earlier date
    of (a)&nbsp;June&nbsp;30, 2028 and (b)&nbsp;the date falling 39 months after the SPA Completion Date; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #231F20">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #231F20">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;with
    respect to the payment of the Variable Interest, the later date of (a)&nbsp;June&nbsp;30, 2028 and (b)&nbsp;such other date as determined
    in accordance with the SPA</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Stock Exchange&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">The Stock Exchange of Hong Kong Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sun Art&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Sun Art Retail Group Limited (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#39640;&#37995;&#38646;&#21806;&#26377;&#38480;&#20844;&#21496;</FONT>), a company incorporated in Hong Kong and a non-wholly owned subsidiary of our Company, the shares of which are listed on the Main Board (stock code: 6808)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sun Art Group&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Sun Art and its subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sun Art Options&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the </FONT><FONT STYLE="font-size: 10pt">45,000,000 outstanding <FONT STYLE="color: #231F20">share options granted by Sun Art under the Sun Art Share Option Scheme from time to time</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sun Art Share Option Scheme&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the share option scheme adopted by </FONT><FONT STYLE="font-size: 10pt">Sun Art <FONT STYLE="color: #231F20">on August&nbsp;16, 2023</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Sun Art Shares&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the ordinary shares of Sun Art</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Takeovers Code&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">the Hong Kong Code on Takeovers and Mergers</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Target Adjusted EBITDA&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">with respect to an EBITDA Limit Adjustment Event, the amount of the Adjusted EBITDA of the assets or businesses that are the subject matter of that EBITDA Limit Adjustment Event recorded during the two financial years ending March&nbsp;31, 2027 and March&nbsp;31, 2028 of Sun Art</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;Taobao China&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Taobao China Holding Limited (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#28120;&#23542;&#20013;&#22283;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</FONT>), a company incorporated in Hong Kong and a wholly-owned subsidiary of our Company</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; width: 35%; padding-left: 5.4pt"><font style="font-size: 10pt">&ldquo;Undisturbed
    Date&rdquo;</font></td>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; width: 65%"><font style="font-size: 10pt">September&nbsp;26, 2024, being
    the last full trading day prior to the issue of the announcement by Sun Art pursuant to Rule&nbsp;3.7 of the Takeovers Code on October&nbsp;15,
    2024</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt"><font style="font-size: 10pt">&ldquo;United
    States&rdquo;</font></td>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt"><font style="font-size: 10pt">the United States of America</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt"><font style="font-size: 10pt">&ldquo;Variable
    Interest&rdquo;</font></td>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt"><p style="margin-top: 0; margin-bottom: 0">(i)&nbsp;if the 2027/2028 Average Adjusted EBITDA is higher than or equal to the Adjusted EBITDA High Limit, the Variable Interest shall be HK$0.20 per Sale Share less the Base Interest per Sale Share; or</p>
                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
                                <p style="margin-top: 0; margin-bottom: 0">(ii)&nbsp;if the 2027/2028 Average Adjusted EBITDA is higher
than the Adjusted EBITDA Low Limit but is lower than the Adjusted EBITDA High Limit, the Variable Interest shall be an amount in Hong
Kong dollars per Sale Share equal to:</p></td></tr>
</table>

<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>
    <TD STYLE="padding-top: 2pt; width: 35%; padding-bottom: 2pt">&nbsp;</td>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2pt; text-align: center; vertical-align: top; width: 8%; padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(E - X)</b></font></td>
    <TD ROWSPAN="2" STYLE="padding-left: 3pt; padding-top: 2pt; width: 5%; padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>x Z</b></font></td>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 52%; padding-bottom: 2pt">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: center; padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Y - X)</b></font></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</td></tr>
  </table>
<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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 35%">&nbsp;</td>
    <TD STYLE="font-size: 10pt; width: 65%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where:</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">E = 2027/2028 Average Adjusted EBITDA</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">X = Adjusted EBITDA Low Limit</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">Y = Adjusted EBITDA High Limit</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">Z = HK$0.20 per Sale Share less the Base Interest per Sale Share;</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">or (iii)&nbsp;if the 2027/2028 Average Adjusted EBITDA is lower than
or equal to the Adjusted EBITDA Low Limit, the Variable Interest shall be nil.</p>
</td></tr>
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</td>
    <TD STYLE="font-size: 10pt">&nbsp;</td></tr>
  <tr style="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><font style="font-size: 10pt">&ldquo;%&rdquo;</font></td>
    <TD STYLE="font-size: 10pt"><font style="font-size: 10pt">per cent.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 50%">&nbsp;</td>
    <td style="text-align: center; font-size: 10pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By order of the Board</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Alibaba Group Holding Limited</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kevin Jinwei ZHANG</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secretary</i></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">Hong Kong, January&nbsp;1, 2025</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 at the date of this announcement, our board of directors comprises
Mr.&nbsp;Joseph C. TSAI as the chairman, Mr.&nbsp;Eddie Yongming WU, Mr.&nbsp;J. Michael EVANS and Ms.&nbsp;Maggie Wei WU as directors,
and Mr.&nbsp;Jerry YANG, Ms.&nbsp;Wan Ling MARTELLO, Mr.&nbsp;Weijian SHAN, Ms.&nbsp;Irene Yun-Lien LEE, Mr.&nbsp;Albert Kong Ping NG
and Mr.&nbsp;Kabir MISRA as independent directors.</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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