<SEC-DOCUMENT>0001104659-25-089282.txt : 20250911
<SEC-HEADER>0001104659-25-089282.hdr.sgml : 20250911
<ACCEPTANCE-DATETIME>20250911085628
ACCESSION NUMBER:		0001104659-25-089282
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20250911
FILED AS OF DATE:		20250911
DATE AS OF CHANGE:		20250911

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
		EIN:				000000000
		STATE OF INCORPORATION:			K3

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36614
		FILM NUMBER:		251307305

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		26/F TOWER ONE
		STREET 2:		TIMES SQUARE, 1 MATHESON STREET
		CITY:			CAUSEWAY BAY
		PROVINCE COUNTRY:   	K3
		ZIP:			00000
		BUSINESS PHONE:		852-2215-5100

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		26/F TOWER ONE
		STREET 2:		TIMES SQUARE, 1 MATHESON STREET
		CITY:			CAUSEWAY BAY
		PROVINCE COUNTRY:   	K3
		ZIP:			00000
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>tm2525845d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<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-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>September&nbsp;11, 2025</B></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">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;40-F </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></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>

<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>EXPLANATORY NOTE</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 Exhibit&nbsp;99.1 and Exhibit&nbsp;99.3 to this Report of Foreign
Private Issuer on Form&nbsp;6-K shall be incorporated by reference into the Company&rsquo;s Registration Statement on Form&nbsp;F-4, as
amended and supplemented (Registration No.&nbsp;333-288794), filed with the Securities and Exchange Commission, and shall be a part thereof
from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished
by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.</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>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="tm2525845d1_99-1.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;99.1 &ndash; Press Release &ndash; Alibaba Group Announces Proposed Offering of Approximately US$3.2 Billion of Zero Coupon Convertible Senior Notes</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"><A HREF="tm2525845d1_99-2.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;99.2 &ndash; Announcement &ndash; Proposed Offering of Approximately US$3.2 Billion&#8239;Zero Coupon Convertible Senior Notes</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"><A HREF="tm2525845d1_99-3.htm">Exhibit&nbsp;99.3 &ndash; Press Release &ndash; Alibaba Group Prices Approximately US$3.2 Billion Offering of Zero Coupon Convertible Senior Notes</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"><A HREF="tm2525845d1_99-4.htm">Exhibit&nbsp;99.4 &ndash; Announcement &ndash; Pricing of Offering of Approximately US$3.2 Billion Zero Coupon Convertible Senior Notes</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: September&nbsp;11, 2025</FONT></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>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company Secretary</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"></P>

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<TYPE>EX-99.1
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<FILENAME>tm2525845d1_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2525845d1_99-1img001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Alibaba Group Announces
Proposed Offering of Approximately US$3.2&nbsp;Billion of Zero Coupon Convertible Senior Notes</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; background-color: white"><B>Hong Kong, China, September&nbsp;11, 2025</B>&nbsp;&mdash;
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), &ldquo;Alibaba,&rdquo; &ldquo;Alibaba
Group&rdquo; or the &ldquo;Company&rdquo;) today announced a proposed offering (the &ldquo;Notes Offering&rdquo;) of approximately US$3.2
billion aggregate principal amount of Zero Coupon Convertible Senior Notes due 2032 (the &ldquo;Notes&rdquo;) to certain non-U.S. persons
in offshore transactions in reliance on Regulation S under the United States Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), subject to market and other conditions.</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; background-color: white">Alibaba Group will use the net proceeds from
the Notes Offering for general corporate purposes, with a strategic focus on strengthening its cloud infrastructure capabilities and international
commerce business operations. Specifically, the allocation will include approximately 80% directed towards enhancing its cloud infrastructure,
which encompasses scaling up data centers, upgrading technology, and improving services to meet growing demand. The remaining 20% will
be invested in expanding international commerce operations, focusing on operational investments that will enable the Company to enhance
its market presence and efficiency.</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 reduce the potential dilutive effect of the Notes and/or any cash
required to be paid by the Company to settle any converted Notes, the Company expects to enter into derivative transactions under which
the Company will purchase from one or more of the initial purchasers and/or their affiliates and/or other financial institutions (the
 &ldquo;Option Counterparties&rdquo;) capped call options that effectively increase the conversion price of the Notes to the &ldquo;cap
price&rdquo;, which is expected to be 60% premium to the closing price of the ordinary shares on the Hong Kong Stock Exchange on the date
of pricing, converted to U.S. dollars and multiplied by eight, the ordinary-share-to-ADS ratio (the &ldquo;Reference Share Price&rdquo;).
With these capped call options, the Company expects to reduce the dilutive effect of any issuance of new shares (or payments of cash)
to settle conversions of the Notes by receiving corresponding amounts of shares and/or cash (up to the cap price) from the Option Counterparties.
The Notes Offering and the capped call transactions are intended to lower the Company&rsquo;s overall cost of capital. The details of
the capped call transactions are described below.</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; background-color: white">When issued, the Notes will be general senior
unsecured obligations of Alibaba Group. The Notes will mature on September&nbsp;15, 2032 unless earlier redeemed, repurchased or converted
in accordance with their terms prior to such date.</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; background-color: white">Upon conversion, the Company retains flexibility
to control any potential dilution with full discretion to settle the conversions in cash or ADSs, or a combination of both. The initial
conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes.</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; background-color: white"><B>Capped Call Transactions</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; background-color: white">In connection with the pricing of the Notes,
the Company expects to enter into derivative transactions of capped call options with the Option Counterparties. When the Company exercises
the capped call options, the Option Counterparties will be required to deliver shares, cash, or a combination of both to the Company,
at a value corresponding to the amount by which the market price of the ADSs exceeds the strike price of the capped call options purchased
by the Company (equivalent to the initial conversion price for the Notes), but subject to the cap price, which is expected to be 60% premium
to the Reference Share Price. The capped call transactions are generally expected to reduce potential dilution to the ADSs and the ordinary
shares of the Company represented thereby upon any conversion of the Notes and/or any cash payments that the Company will be then required
to make in excess of the principal amount of the converted Notes. Such reduction is subject to the cap price, and subject to the Company&rsquo;s
discretion to require the Option Counterparties, subject to certain conditions, to settle the capped call transactions in cash, in whole
or in part (in which case the Company would not receive any ADSs from the Option Counterparties to the extent of the cash settlement of
the capped call transactions).</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; background-color: white">In connection with establishing their initial
hedges of the capped call transactions, the Option Counterparties expect to purchase the ADSs and/or ordinary shares and/or enter into
various derivative transactions with respect to the ADSs and/or ordinary shares concurrently with or shortly after the pricing of the
Notes. This activity could affect the market price of the ADSs and/or ordinary shares, other securities of the Company or the price of
the Notes at that time. The effect, if any, of this activity, including the direction or magnitude, on the market price of the ADSs and/or
ordinary shares or the price of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained
at this time.</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; background-color: white">In addition, the Option Counterparties may
modify their hedge positions from time to time by entering into or unwinding various derivative transactions with respect to the ADSs,
the ordinary shares, the Notes or other securities of the Company and/or purchasing or selling the ADSs, the ordinary shares, the Notes
or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the
Notes (and are likely to do so following any conversion of the Notes, repurchase of the Notes by the Company on any fundamental change
repurchase date or otherwise, in each case, if the Company opts to unwind the relevant portion of the capped call transactions early).
The effect, if any, of this activity on the market price of the ADSs and/or the ordinary shares, or the price of the Notes will depend
on a variety of factors, including market conditions, and cannot be ascertained at this time. Any of this activity could, however, also
cause or avoid an increase or a decrease in the market price of the ADSs and/or the ordinary shares, other securities of the Company or
the price of the Notes, which could affect whether the holders convert the Notes and value of the consideration that the holders will
receive upon conversion of the Notes. In addition, any of the Option Counterparties may choose to engage in, or to discontinue engaging
in, any of these transactions and activities with or without notice at any time, and their decisions will be in their sole discretion
and not within the Company&rsquo;s control.</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; background-color: white"><B>Other Matters</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; background-color: white">The Notes, the ADSs deliverable upon conversion
of the Notes, if any, and the ordinary shares represented thereby or deliverable upon conversion of the Notes in lieu thereof (collectively,
the &ldquo;Securities&rdquo;), have not been and will not be registered under the Securities Act or any U.S. state securities laws, and
are being offered and sold to certain&nbsp;non-U.S.&nbsp;persons in offshore transactions outside the United States in reliance on Regulation
S under the Securities Act. The Securities may not be offered or sold in the United States absent registration or an exemption from registration
under the Securities Act.</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; background-color: white">This press release shall not constitute an
offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an
offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.</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; background-color: white">This press release contains information about
the pending Notes Offering and capped call transactions, and there can be no assurance that the Notes Offering and/or capped call transactions
will be completed.</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>About Alibaba Group</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; background-color: white">Alibaba Group is a global technology company
focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing
digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure,
services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.</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>Safe Harbor Statement</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 press release contains forward-looking statements. These statements
are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;propose,&rdquo;
 &ldquo;anticipate,&rdquo; &ldquo;future,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;target,&rdquo; &ldquo;guidance,&rdquo;
 &ldquo;is/are likely to&rdquo; and similar statements. In addition, statements that are not historical facts, including statements about
the intended use of proceeds, the terms of the Notes, the terms of, and the anticipated effects of entering into, the capped call transactions,
the anticipated actions of the Option Counterparties and their respective affiliates and the anticipated effects of such actions, and
whether the Company will complete the Notes Offering, are or contain forward-looking statements. Alibaba may also make forward-looking
statements in its periodic reports to the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;), in announcements made on the
website of The Stock Exchange of Hong Kong Limited (the &ldquo;Hong Kong Stock Exchange&rdquo;), in press releases and other written materials
and in oral statements made by its officers, directors or employees to third parties. 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.
Further information regarding these risks is included in Alibaba&rsquo;s filings with the SEC and announcements on the website of the
Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions
that we believe to be reasonable as of this date, and Alibaba 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"><B>Investor Relations Contact</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">Lydia Liu</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">investor@alibaba-inc.com</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>Media Contacts</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">Cathy Yan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cathy.yan@alibaba-inc.com</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">Ivy Ke</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ivy.ke@alibaba-inc.com</P>

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

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

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2525845d1_99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.2</B></P>

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

<DIV STYLE="border: Black 1pt solid; padding: 8pt; width: 97.5%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">Hong Kong Exchanges and Clearing Limited and The Stock
Exchange of Hong Kong Limited (the &ldquo;<B>Hong Kong Stock Exchange</B>&rdquo;) 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; color: #231f20">We have one class of shares, and each holder of our
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 Rules&nbsp;Governing the Listing of Securities on the Hong
Kong Stock Exchange, we are 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 American depositary shares, each representing eight of our shares, are listed
on the New York Stock Exchange in the United States under the symbol BABA.</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 is for information purpose only and does not constitute
an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation.
In particular, this announcement does not constitute and is not an offer to sell or an invitation or a solicitation of any offer to buy
or subscribe for any securities in Hong Kong, the United States of America or elsewhere.</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 securities referred to in this announcement are being offered
and sold to certain non-U.S. persons in offshore transaction outside the United States in reliance on Regulation S under the United States
Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;). Alibaba Group Holding Limited has not intended and
does not intend to register any securities referred to in this announcement under U.S. Securities Act and such securities may not be
offered or sold in the United States of America absent registration under the U.S. Securities Act or an applicable exemption from the
registration requirements under the U.S. Securities Act or any applicable state securities laws of the United States of America. Any
public offering of securities in the United States of America will be made by means of a prospectus or offering memorandum that may be
obtained from the issuer or selling security holder and that would contain detailed information regarding the issuer and its management,
as well as financial statements. Alibaba Group Holding Limited does not intend to register any part of the offering referred to in this
announcement in the United States of America or to conduct a public offering of any securities referred to in this announcement in the
United States of America.</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 is not for release, publication or distribution,
in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the applicable laws or regulations
of such jurisdiction.</P>

</DIV>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm2525845d1_99-2img002.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; color: #231f20"><B>Alibaba Group Holding Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><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; color: #231f20"><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; color: #231f20"><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>VOLUNTARY ANNOUNCEMENT<BR>
AND<BR>
OVERSEAS REGULATORY ANNOUNCEMENT</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>PROPOSED OFFERING OF APPROXIMATELY<BR>
US$3.2 BILLION ZERO COUPON CONVERTIBLE SENIOR NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B><BR>
</B>The board of directors of Alibaba Group Holding Limited (&ldquo;<B>Alibaba</B>&rdquo;, &ldquo;<B>Alibaba Group</B>&rdquo; or the
 &ldquo;<B>Company</B>&rdquo;) is making this announcement pursuant to Rule&nbsp;13.10B of the Rules&nbsp;Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited (the &ldquo;<B>Listing Rules</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">The Company announced a proposed offering
(the &ldquo;<B>Notes Offering</B>&rdquo;) of approximately US$3.2 billion aggregate principal amount of Zero Coupon Convertible Senior
Notes due 2032 (the &ldquo;<B>Notes</B>&rdquo;) to certain non-U.S. persons in offshore transactions in reliance on Regulation S under
the U.S. Securities Act, subject to market and other condition.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">Alibaba Group will use the net proceeds
from the Notes Offering for general corporate purposes, with a strategic focus on strengthening its cloud infrastructure capabilities
and international commerce business operations. Specifically, the allocation will include approximately 80% directed towards enhancing
its cloud infrastructure, which encompasses scaling up data centers, upgrading technology, and improving services to meet growing demand.
The remaining 20% will be invested in expanding international commerce operations, focusing on operational investments that will enable
the Company to enhance its market presence and efficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">In connection with the Notes Offering,
the Company expects to enter into capped call transactions to reduce the potential dilutive effect of the Notes and/or any cash required
to be paid by the Company to settle converted Notes. The Notes Offering and the capped call transactions are intended to lower the Company&rsquo;s
overall cost of capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">Attached hereto as Schedule I is the full
text of the press release issued by the Company on September&nbsp;10, 2025 (U.S. Eastern Time), in relation to the Notes Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">The Company will publish a further announcement
in due course in compliance with the relevant disclosure requirements under the 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20"><B>SAFE HARBOR STATEMENT</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">This announcement contains forward-looking
statements. These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;propose,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;future,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;seek,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;ongoing,&rdquo;
 &ldquo;target,&rdquo; &ldquo;guidance,&rdquo; &ldquo;is/are likely to&rdquo; and similar statements. In addition, statements that are
not historical facts, including statements about the intended use of proceeds, the terms of the Notes, the terms of, and the anticipated
effects of entering into, the capped call transactions, the actions of the Option Counterparties and their respective affiliates and
the anticipated effects of such actions, and whether the Company will complete the Notes Offering, are or contain forward-looking statements.
Alibaba may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
in announcements made on the website of the Hong Kong Stock Exchange, in press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties. 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. Further information
regarding these risks is included in Alibaba&rsquo;s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange.
All information provided in this announcement is as of the date of this announcement and are based on assumptions that we believe to
be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required
under applicable law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: #231f20">By order of the Board</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">Alibaba Group Holding Limited</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">Kevin Jinwei ZHANG</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">Secretary</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; color: #231f20">Hong Kong, September&nbsp;11,
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-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #231f20">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>

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2525845d1_99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2525845d1_ex99-3img001.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; background-color: white"><B>Alibaba Group Prices
Approximately US$3.2</B>&nbsp;<B>Billion</B>&nbsp;<B>Offering of Zero Coupon Convertible Senior Notes</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; background-color: white"><B>Hong Kong, China, September&nbsp;11, 2025</B>&nbsp;&mdash;
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), &ldquo;Alibaba,&rdquo; &ldquo;Alibaba
Group&rdquo; or the &ldquo;Company&rdquo;) today announced the pricing of its offering (the &ldquo;Notes Offering&rdquo;) of approximately
US$3.2&nbsp;billion aggregate principal amount of Zero Coupon Convertible Senior Notes due 2032 (the &ldquo;Notes&rdquo;) to certain&nbsp;non-U.S.&nbsp;persons
in offshore transactions in reliance on Regulation S under the United States Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;). The Notes Offering is expected to close on September&nbsp;16, 2025, subject to customary closing conditions.</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; background-color: white">Alibaba Group will use the net proceeds from
the Notes Offering for general corporate purposes, with a strategic focus on strengthening its cloud infrastructure capabilities and
international commerce business operations. Specifically, the allocation will include approximately 80% directed towards enhancing its
cloud infrastructure, which encompasses scaling up data centers, upgrading technology, and improving services to meet growing demand.
The remaining 20% will be invested in expanding international commerce operations, focusing on operational investments that will enable
the Company to enhance its market presence and efficiency. Alibaba Group estimates that the net proceeds from the Notes Offering will
be approximately US$3.13&nbsp;billion, after deducting the initial purchasers&rsquo; discounts and estimated
offering expenses payable by the 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">To reduce the potential dilutive effect of the Notes and/or any
cash required to be paid by the Company to settle any converted Notes, the Company entered into derivatives transactions under which
Company purchased from one or more of the initial purchasers and/or their affiliates and/or other financial institutions (the
 &ldquo;Option Counterparties&rdquo;) capped call options that effectively increase the conversion price of the Notes to the
 &ldquo;cap price.&rdquo; The cap price will initially be  US$235.46 per ADS, which represents a premium of 60% to the
closing price of the ordinary shares on the Hong Kong Stock Exchange on the date of pricing, converted to U.S. dollars at a rate of
HK$7.7901 to US$1 and multiplied by eight, the ordinary-share-to-ADS
ratio (the &ldquo;Reference Share Price&rdquo;), and is subject to certain customary adjustments. With these capped call options,
the Company expects to reduce the dilutive effect of any issuance of new shares (or payments of cash) to settle conversions of the
Notes by receiving corresponding amounts of shares and/or cash (up to the cap price) from the Option Counterparties. The cost of the
capped call options was approximately US$183.74 million. The Notes Offering and the capped call
transactions are intended to lower Company&rsquo;s overall cost of capital. The details of the capped call transactions are
described below.</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; background-color: white">When issued, the Notes will be general senior
unsecured obligations of Alibaba Group. The Notes will mature on September&nbsp;15, 2032 unless earlier redeemed, repurchased or converted
in accordance with their terms prior to such date.</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; background-color: white">Holders may not convert their Notes at any
time on or prior to the 40th day following the last date of original issuance of the Notes (such date, the &ldquo;distribution compliance
period end date&rdquo;). After the distribution compliance period end date and prior to the close of business on the business day immediately
preceding March&nbsp;15, 2032, holders will have the right to convert all or any portion of their Notes, in multiples of US$1,000 principal
amount, only upon satisfaction of certain conditions. On or after March&nbsp;15, 2032, until the close of business on the third scheduled
trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, in multiples of US$1,000
principal amount, at their option at any time irrespective of the foregoing conditions. Upon conversion, the Company retains flexibility
to control any potential dilution with full discretion to settle the conversions in cash or ADSs, or a combination of both. Holders may
also elect to receive ordinary shares in lieu of any ADSs upon conversion. Holders who wish to elect to receive ordinary shares in lieu
of any ADSs deliverable upon conversion are advised that such election is not exercisable through the facilities of The Depository Trust
Company, and such holders are advised to check in advance the requisite procedures and deadlines to exercise such election.</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>

<!-- Field: Page; Sequence: 1 -->
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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; background-color: white">The initial conversion rate for the Notes
will be 5.1773 ADSs per US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of  US$193.15 per ADS. The initial conversion price represents a premium of  31.25% over the Reference Share Price of US$147.16 per ADS. The
conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the
maturity date or following our delivery of a notice of redemption, we will, in certain circumstances, increase the conversion rate for
a holder who elects to convert its Notes in connection with such a corporate event or such notice of redemption, as the case may be, as
further described below.</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; background-color: white">The Company may redeem all Notes for cash
if certain tax law changes (the &ldquo;Tax Redemption&rdquo;). The Company may also redeem all Notes for cash at any time if less than
10% of the aggregate principal amount of the Notes originally issued remains outstanding (the &ldquo;Cleanup Redemption&rdquo;). The Company
may not redeem the Notes prior to September&nbsp;20, 2030, except in connection with a Tax Redemption or a Cleanup Redemption. On or after
September&nbsp;20, 2030, the Company may also redeem for cash all or part of the Notes if the last reported sale price of the ADSs has
been at least 130% of the conversion price then in effect on (i)&nbsp;each of at least 20 trading days (whether or not consecutive) during
any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice
of redemption and (ii)&nbsp;the trading day immediately preceding the date the Company send such notice (such redemption, an &ldquo;Optional
Redemption&rdquo;). The redemption price in the case of a Tax Redemption, a Cleanup Redemption or an Optional Redemption will equal 100%
of the principal amount of the Notes to be redeemed.</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; background-color: white">Holders have the right to require the Company
to repurchase for cash all or part of their Notes on September&nbsp;15, 2030. In addition, Holders have the option, subject to certain
conditions, to require the Company to repurchase any Notes held in the event of a &ldquo;fundamental change&rdquo; (as will be defined
in the indenture for the Notes). The repurchase price, in each case, will be equal to 100% of the principal amount of the Notes to be
repurchased.</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; background-color: white"><B>Capped Call Transactions</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; background-color: white">In connection with the pricing of the Notes,
the Company entered into derivative transactions of capped call options with the Option Counterparties. When the Company exercises the
capped call options, the Option Counterparties will be required to deliver shares, cash, or a combination of both, to the Company, at
a value corresponding to the amount by which the market price of the ADSs exceeds the strike price of the capped call options purchased
by the Company (equivalent to the initial conversion price for the Notes), but subject to the cap price. The capped call transactions
are generally expected to reduce potential dilution to the ADSs and the ordinary shares of the Company represented thereby upon any conversion
of the Notes and/or any cash payments that the Company will be then required to make in excess of the principal amount of the converted
Notes. Such reduction is subject to the cap price, and subject to the Company&rsquo;s discretion to require the Option Counterparties,
subject to certain conditions, to settle the capped call transactions in cash, in whole or in part (in which case the Company would not
receive any ADSs from the Option Counterparties to the extent of the cash settlement of the capped call transactions).</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; background-color: white">In connection with establishing their initial
hedges of the capped call transactions, the Option Counterparties expect to purchase the ADSs and/or ordinary shares and/or enter into
various derivative transactions with respect to the ADSs and/or ordinary shares concurrently with or shortly after the pricing of the
Notes. This activity could affect the market price of the ADSs and/or ordinary shares, other securities of the Company or the price of
the Notes at that time. The effect, if any, of this activity, including the direction or magnitude, on the market price of the ADSs and/or
ordinary shares or the price of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained
at this time.</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; background-color: white">In addition, the Option Counterparties may
modify their hedge positions from time to time by entering into or unwinding various derivative transactions with respect to the ADSs,
the ordinary shares, the Notes or other securities of the Company and/or purchasing or selling the ADSs, the ordinary shares, the Notes
or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the
Notes (and are likely to do so following any conversion of the Notes, repurchase of the Notes by the Company on any fundamental change
repurchase date or otherwise, in each case, if the Company opts to unwind the relevant portion of the capped call transactions early).
The effect, if any, of this activity on the market price of the ADSs and/or the ordinary shares, or the price of the Notes will depend
on a variety of factors, including market conditions, and cannot be ascertained at this time. Any of this activity could, however, also
cause or avoid an increase or a decrease in the market price of the ADSs and/or the ordinary shares, other securities of the Company or
the price of the Notes, which could affect whether the holders convert the Notes and value of the consideration that the holders will
receive upon conversion of the Notes. In addition, any of the Option Counterparties may choose to engage in, or to discontinue engaging
in, any of these transactions and activities with or without notice at any time, and their decisions will be in their sole discretion
and not within the Company&rsquo;s control.</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; background-color: white"><B>Other Matters</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; background-color: white">The Notes, the ADSs deliverable upon conversion
of the Notes, if any, and the ordinary shares represented thereby or deliverable upon conversion of the Notes in lieu thereof (collectively,
the &ldquo;Securities&rdquo;), have not been and will not be registered under the Securities Act or any U.S. state securities laws, and
are being offered and sold to certain&nbsp;non-U.S.&nbsp;persons in offshore transactions outside the United States in reliance on Regulation
S under the Securities Act. The Securities may not be offered or sold in the United States absent registration or an exemption from registration
under the Securities Act.</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; background-color: white">This press release shall not constitute an
offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an
offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.</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; background-color: white">This press release contains information about
the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.</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>About Alibaba Group</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; background-color: white">Alibaba Group is a global technology company
focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing
digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure,
services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.</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>Safe Harbor Statement</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 press release contains forward-looking statements. These statements
are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;propose,&rdquo;
 &ldquo;anticipate,&rdquo; &ldquo;future,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;target,&rdquo; &ldquo;guidance,&rdquo;
 &ldquo;is/are likely to&rdquo; and similar statements. In addition, statements that are not historical facts, including statements about
the intended use of proceeds, the terms of the Notes, the terms of, and the anticipated effects of entering into, the capped call transactions
, the anticipated actions of the Option Counterparties and their respective affiliates and the anticipated effects of such actions, and
whether the Company will complete the Notes Offering, are or contain forward-looking statements. Alibaba may also make forward-looking
statements in its periodic reports to the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;), in announcements made on the
website of The Stock Exchange of Hong Kong Limited (the &ldquo;Hong Kong Stock Exchange&rdquo;), in press releases and other written materials
and in oral statements made by its officers, directors or employees to third parties. 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.
Further information regarding these risks is included in Alibaba&rsquo;s filings with the SEC and announcements on the website of the
Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions
that we believe to be reasonable as of this date, and Alibaba 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"><B>Investor Relations Contact</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">Lydia Liu</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">investor@alibaba-inc.com</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>Media Contacts</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">Cathy Yan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cathy.yan@alibaba-inc.com</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">Ivy Ke</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ivy.ke@alibaba-inc.com</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm2525845d1_99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.4</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border: Black 1pt solid; padding: 5.4pt; width: 0.25in; text-align: left"><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 (the &ldquo;<B>Hong
                                            Kong Stock Exchange</B>&rdquo;) 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">We have one class of shares, and each holder of our 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 Rules&nbsp;Governing the Listing of Securities on the Hong Kong Stock Exchange, we
are 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 American depositary shares, each representing eight of our shares, are listed on the New York
Stock Exchange in the United States under the symbol BABA.</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 is for information purpose only and does not constitute
an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation.
In particular, this announcement does not constitute and is not an offer to sell or an invitation or a solicitation of any offer to buy
or subscribe for any securities in Hong Kong, the United States of America or elsewhere.</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 securities referred to in this announcement are being offered
and sold to certain non-U.S. persons in offshore transaction outside the United States in reliance on Regulation S under the United States
Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;). Alibaba Group Holding Limited has not intended and
does not intend to register any securities referred to in this announcement under U.S. Securities Act and such securities may not be
offered or sold in the United States of America absent registration under the U.S. Securities Act or an applicable exemption from the
registration requirements under the U.S. Securities Act or any applicable state securities laws of the United States of America. Any
public offering of securities in the United States of America will be made by means of a prospectus or offering memorandum that may be
obtained from the issuer or selling security holder and that would contain detailed information regarding the issuer and its management,
as well as financial statements. Alibaba Group Holding Limited does not intend to register any part of the offering referred to in this
announcement in the United States of America or to conduct a public offering of any securities referred to in this announcement in the
United States of America.</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 is not for release, publication or distribution,
in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the applicable laws or regulations
of such jurisdiction.</P>

</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2525845d1_99-4img001.jpg" ALT="" STYLE="height: 70.5pt; width: 186.75pt"></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alibaba Group
Holding Limited</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#38463;&#37324;&#24052;&#24052;&#38598;&#22296;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Stock Code:
9988 (HKD Counter) and 89988 (RMB Counter))</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PRICING OF OFFERING
OF APPROXIMATELY<BR>
US$3.2 BILLION ZERO COUPON CONVERTIBLE SENIOR NOTES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Active Bookrunners
and Joint Global Coordinators</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
</FONT></B><FONT STYLE="font-size: 8.5pt"><I>(in alphabetical order)</I></FONT></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="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Barclays</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Citigroup</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HSBC</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>J.P.
    Morgan</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Morgan
    Stanley</B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UBS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Passive Bookrunners</B></FONT><B><BR>
</B><FONT STYLE="font-size: 8.5pt"><I>(in alphabetical order)</I></FONT></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="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BNP
PARIBAS</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Deutsche
    Bank</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mizuho</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Board is pleased to announce
the pricing of the offering of approximately US$3.2 billion aggregate principal amount of Zero Coupon Convertible Senior Notes due
2032 to certain non-U.S. persons in offshore transaction in reliance on Regulation S under the U.S. Securities Act. As part of the
Notes Offering, the Company entered into the Capped Call Transactions to reduce the potential dilutive effect of the Notes and/or any
cash required to be paid by the Company to settle converted Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Alibaba Group will use the
net proceeds from the Notes Offering for general corporate purposes, with a strategic focus on strengthening its cloud
infrastructure capabilities and international commerce business operations. Specifically, the allocation will include approximately
80% directed towards enhancing its cloud infrastructure, which encompasses scaling up data centers, upgrading technology, and
improving services to meet growing demand. The remaining 20% will be invested in expanding international commerce operations,
focusing on operational investments that will enable the Company to enhance its market presence and efficiency. Alibaba Group
estimates that the net proceeds from the Notes Offering will be approximately US$3.13 billion, after deducting the initial
purchasers&rsquo; discounts and estimated offering expenses payable by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Note Offering is part of
Alibaba Group&rsquo;s strategy to leverage favorable market conditions and funding costs to optimize its capital structure. Due to the
Notes&rsquo; low all-in cost and zero coupon, the Notes Offering is expected to lower the Company&rsquo;s overall cost of capital. The
Capped Call Transactions are generally expected to reduce the potential dilution to the shareholders of the Company. By effectively increasing
the conversion price of the Notes to US$235.46, the Company is steadfast in its business strategy and the long-term value of its shares.
The Notes Offering will not impact the Company&rsquo;s strong credit profile, which ensures continued flexibility to deliver long-term
value to its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Notes Offering is expected
to close on September&nbsp;16, 2025, subject to customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>THE PURCHASE AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The principal terms of the
Purchase Agreement are set out below:</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: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;11,
    2025 (after Hong Kong trading hours) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing date: </FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be September&nbsp;16,
    2025, subject to the &ldquo;Conditions&rdquo;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company, as the issuer on the one hand, and the Representatives,
    as representatives of Initial Purchasers of the Notes on the other hand.</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 of the Directors&rsquo; knowledge, information and
    belief having made all reasonable enquiry, each of the Initial Purchasers is a third party independent of the Company and its connected
    persons.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the &ldquo;Conditions&rdquo;, the Company agrees to
    sell to the Initial Purchasers, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Company, the Notes
    with an aggregate principal amount of US$3.168 billion at a purchase price of 100% of the principal amount of the Notes.</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 Representatives have informed the Company that the Notes
    would be offered and placed to not less than six independent placees.</P></TD></TR>
</TABLE>

<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="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="padding-bottom: 10pt; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The
                                            completion of the purchase of the Notes is subject to the customary conditions specified
                                            in the Purchase Agreement, among other things:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -22.5pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;there
    has been no development or event having a material adverse effect that makes it impracticable to proceed with the Notes Offering;</P></TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 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: 28%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -22.5pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;the
    representatives of the Initial Purchasers having received the relevant regulatory documents and filings, management&rsquo;s certificates
    and legal opinions of relevant jurisdictions;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -22.5pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;execution
    and delivery of the transaction documents relating to the Notes and the Capped Call Transactions and such documents shall be in full
    force and effect on the closing date; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -22.5pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;the
    Notes shall be eligible for clearance and settlement through the Depository Trust Company.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-up: </FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has agreed
    not to offer, sell or otherwise transfer or dispose of the Company&rsquo;s ADSs or shares or any securities convertible into or exchangeable
    or exercisable for its ADSs or shares until 90 days after the date of the Purchase Agreement, or such earlier date that the Representatives (on behalf of the Initial Purchasers) consent to in writing.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination: </FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Initial Purchasers may terminate the Purchase Agreement by
    notice given by the Representatives to the Company, if after the execution and delivery of the Purchase Agreement and prior to
    the closing date:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -21.75pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;trading
    generally shall have been suspended or materially limited on any of the NYSE, the American Stock Exchange or the NASDAQ Global Market,
    the Hong Kong Stock Exchange or the Singapore Stock Exchange;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -21.75pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;trading
    of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -21.75pt">(iii)&#8239;&#8239;&#8239;&#8239;a
    material disruption in securities settlement, payment or clearance services in the United States, the Cayman Islands, Hong Kong or
    the PRC shall have occurred;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -21.75pt">(iv)&#8239;&#8239;&#8239;&#8239;any
    moratorium on commercial banking activities shall have been declared by United States Federal, New York State, Cayman Islands, Hong
    Kong or the PRC authorities;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -21.75pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;a
    material adverse change that makes it impracticable or inadvisable to proceed with the Notes Offering; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.75pt; text-indent: -21.75pt">(vi)&#8239;&#8239;&#8239;&#8239;any
    securities of the Company shall have been downgraded by any nationally recognized statistical rating organization or any such organization
    shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its ratings of
    any securities of the Company.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>THE NOTES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The principal terms of the
Notes are set out below:</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: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue size:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$3.168 billion aggregate principal amount of the
    Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;and denomination:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes will be unlisted and in denominations of
    US$1,000 per Note and integral multiples of US$1,000 in excess thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;A+&rdquo; by S&amp;P</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of the principal amount of the Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest and interest payment dates:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zero coupon</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion rights:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders may not convert their Notes at any time on or prior to
    the 40th day following the last date of original issuance of the Notes.</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">After that and prior to the close of business on the business
    day immediately preceding March&nbsp;15, 2032, holders will have the right to convert all or any portion of their Notes, in multiples
    of US$1,000 principal amount, only upon satisfaction of certain conditions. On or after March&nbsp;15, 2032, until the close of business
    on the third scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes,
    in multiples of US$1,000 principal amount, at their option at any time irrespective of the foregoing conditions.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement upon conversion: </FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon conversion, the Company retains flexibility to control any
    potential dilution with full discretion to settle the conversions in cash or ADSs, or a combination of both. Holders may also elect
    to receive ordinary shares in lieu of any ADSs upon conversion.</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">ADSs deliverable upon the conversion of the Notes and/or the ordinary
    shares deliverable in lieu of ADSs will be issued under the General Mandate.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The initial conversion rate for the Notes will be 5.1773 ADSs per
    US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of  US$193.15 per ADS (or HK$188.08
    per ordinary share, as converted and divided by eight, the ordinary-share-to-ADS ratio).</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 initial conversion price represents a premium of :-</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.25pt; text-indent: -26.25pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    31.25% to the Reference Share Price;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.25pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.25pt; text-indent: -26.25pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;approximately
    34.90% to the average closing price of approximately HK$139.42 per ordinary share on the Hong Kong Stock Exchange for the last five (5)&nbsp;consecutive
    trading days up to the last trading day on the Hong Kong Stock Exchange; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.25pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.25pt; text-indent: -26.25pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;approximately
39.48% to the average closing price of approximately HK$134.85 per ordinary share on the Hong Kong Stock Exchange for the last ten (10)&nbsp;consecutive
trading days up to the last trading day on the Hong Kong Stock Exchange.</P></TD></TR>
</TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="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="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The conversion rate will be subject to adjustment in some events,
    including but not limited to a share split, a share combination, cash distributions, certain issuances of rights, options or warrants,
    distribution of capital stock, certain tender or exchange offers, and certain other dilutive events.</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 initial conversion price for each Conversion Share is not
    less than the benchmark price set out in Rule&nbsp;13.36(5)&nbsp;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">The initial conversion price was determined after arms&rsquo;
    length negotiations between the parties with reference to the Reference Share Price.</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 13.65pt 0pt 0; color: #231F20">The net price of each Conversion Share
to the Company, based on the estimated net proceeds of approximately US$3.13 billion and 16,401,686 Conversion Shares (in the form of
ADSs) that are issuable under the Notes (excluding adjustment and make-whole adjustments), is expected to be approximately US$190.60.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.65pt 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #231F20">The Conversion Shares have an aggregate nominal value
of US$410.04 and a market value of approximately US$2.41 billion, based on the Reference Share Price.</P>

</TD></TR></TABLE>


<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="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion Shares: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon exercise in full of the conversion rights attached to the Notes at the initial conversion price of US$193.15
per ADS (equivalent to HK$188.08 per ordinary share, as converted and divided by eight, the ordinary-share-to-ADS ratio), a total of approximately
16,401,686 ADSs (or 131,213,488 ordinary shares), representing 0.69% of the number of ordinary shares issued as at the Latest Practicable
Date will be issued.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes will mature on September&nbsp;15, 2032, unless
    earlier redeemed, repurchased or converted in accordance with their terms prior to such date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may redeem all Notes for cash if certain tax law changes
    (the &ldquo;<B>Tax Redemption</B>&rdquo;). The Company may also redeem all Notes for cash at any time if less than 10% of the aggregate
    principal amount of the Notes originally issued remains outstanding (the &ldquo;<B>Cleanup Redemption</B>&rdquo;). The Company may
    not redeem the Notes prior to September&nbsp;20, 2030, except in connection with a Tax Redemption or a Cleanup Redemption.</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 or after September&nbsp;20, 2030 , the Company may also redeem
    for cash all or part of the Notes if the last reported sale price of the ADSs has been at least 130% of the conversion price then
    in effect on (i)&nbsp;each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period
    ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption and (ii)&nbsp;the
    trading day immediately preceding the date the Company send such notice (such redemption, an &ldquo;<B>Optional Redemption</B>&rdquo;).
    The redemption price in the case of a Tax Redemption, a Cleanup Redemption or an Optional Redemption will equal 100% of the principal
    amount of the Notes to be redeemed.</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">Holders have the right to require the Company to repurchase for
    cash all or part of their Notes on September&nbsp;15, 2030. In addition, Holders have the option, subject to certain conditions,
    to require the Company to repurchase any Notes held in the event of a &ldquo;fundamental change&rdquo; (as will be defined in the
    indenture for the Notes). The repurchase price, in each case, will be equal to 100% of the principal amount of the Notes to be repurchased.</P></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer restrictions:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to the date that is the later of (i)&nbsp;the
    date that is one year after the last date of original issuance of the Notes or such shorter period of time as permitted by
    Rule&nbsp;144 under the U.S. Securities Act or any successor provision thereto and (ii)&nbsp;such later date, if any, as may be
    required by applicable law, at the time of conversion, the ADSs (and ordinary shares) deliverable under the Notes are subject to restrictions on
    transferability and resale in accordance with the terms of the Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranking: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When issued, the Notes will be general senior unsecured
    obligations of Alibaba Group.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>CAPPED CALL TRANSACTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">To reduce the potential
dilutive effect of the Notes and/or any cash required to be paid by the Company to settle any converted Notes, the Company entered
into derivatives transaction under which the Company purchased from the Option Counterparties the Capped Call Options that
effectively increase the conversion price of the Notes to the Cap Price, initially at US$235.46 per ADS and
representing a 60% premium to the Reference Share Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">When the Company exercises
the Capped Call Options, the Option Counterparties will be required to deliver shares, cash, or a combination of both, to the Company
at a value corresponding to the amount by which the market price of the ADSs exceeds the Strike Price of the Capped Call Options (equivalent
to the initial conversion price for the Notes as of the date of the announcement), but subject to the Cap Price. With these Capped Call
Options, the Company expects to reduce the dilutive effect of any issuance of new shares (or payments of cash) to settle conversions
of the Notes by receiving corresponding amounts of shares and/or cash (up to the Cap Price) from the Option Counterparties. The Cap Price
was determined based on arm&rsquo;s length negotiations between the Company and the Option Counterparties and is subject to certain customary
adjustments. The Capped Call Transactions are separate from, but remain part and parcel of, the Notes Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The expiry and exercise
periods for the Capped Call Option are consistent with the maturity and the conversion period of the Notes (i.e. seven years). The
Capped Call Transactions are structured such that the timing, size and economics of the exercises under the Capped Call Option could
match the conversion exercises of the Notes by the Noteholders, where the Company could exercise the Capped Call
Option after the Notes are converted by the Noteholders and if the Strike Price is met. At the time of exercise of the Capped Call
Options, the Option Counterparties will purchase ADSs or ordinary shares on-market and deliver them to the Company. The terms of the
Capped Call Transactions, including the number of shares or the amount of cash deliverable by the Option Counterparties, the
exercise price and tenor, are designed to be tied in with the terms of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Capped Call Transactions are generally expected to reduce the potential dilution to the ADSs and the ordinary shares of the Company represented
thereby upon any conversion of the Notes and/or any cash payments that the Company will be then required to make in excess of the principal
amount of the converted Notes. Such reduction is subject to the Cap Price, and subject to the Company&rsquo;s discretion to require the Option Counterparties, subject to certain
conditions, to settle the Capped Call Transactions in cash, in whole or in part (in which case the Company would not receive any ADSs
from the Option Counterparties to the extent of the cash settlement of the Capped Call Transactions).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The capped call premium of
entering into the Capped Call Transactions was approximately US$183.74 million, representing approximately 5.8% of the aggregated principal amount
of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In connection with establishing
their initial hedges of the capped call transactions, the Option Counterparties or their respective affiliates expect to purchase the
ADSs and/or ordinary shares and/or enter into various derivative transactions with respect to the ADSs and/or ordinary shares concurrently
with or shortly after the pricing of the Notes. This activity could affect the market price of the ADSs and/or ordinary shares, other
securities of the Company or the price of the Notes at that time. The effect, if any, of this activity, including the direction or magnitude,
on the market price of the ADSs and/or ordinary shares or the price of the Notes will depend on a variety of factors, including market
conditions, and cannot be ascertained at this time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In addition, the Option Counterparties
or their respective affiliates may modify their hedge positions from time to time by entering into or unwinding various derivative transactions
with respect to the ADSs, the ordinary shares, the Notes or other securities of the Company and/or purchasing or selling the ADSs, the
ordinary shares, the Notes or other securities of the Company in secondary market transactions following the pricing of the Notes and
prior to the maturity of the Notes (and are likely to do so following any conversion of the Notes, repurchase of the Notes by the Company
on any fundamental change repurchase date or otherwise, in each case, if the Company opts to unwind the relevant portion of the capped
call transactions early). The effect, if any, of this activity on the market price of the ADSs and/or the ordinary shares, or the price
of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained at this time. Any of this activity
could, however, cause or avoid an increase or a decrease in the market price of the ADSs and/or the ordinary shares, other securities
of the Company or the price of the Notes, which could affect whether the holders convert the Notes and value of the consideration that
the holders will receive upon conversion of the Notes. In addition, any of the Option Counterparties may choose to engage in, or to discontinue
engaging in, any of these transactions and activities with or without notice at any time, and their decisions will be in their sole discretion
and not within the Company&rsquo;s control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>WAIVERS IN RESPECT OF THE
TRANSACTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><I>Rule&nbsp;10b5-1 Share
Repurchase Plan</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As part of the Company&rsquo;s
long term share repurchase strategy, the Company currently maintains a trading plan in the U.S. (&ldquo;<B>Rule&nbsp;10b5-1 Plan</B>&rdquo;)
that meet the requirements of Rule&nbsp;10b5-1 under the U.S. Securities Exchange Act of 1934 (&ldquo;<B>Rule&nbsp;10b5-1</B>&rdquo;)
to purchase the Company&rsquo;s securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A Rule&nbsp;10b5-1 Plan is
a written plan, set up with a broker, to trade securities that: (i)&nbsp;is entered into at a time when the person trading the securities
is not aware of any material non-public information (&ldquo;<B>MNPI</B>&rdquo;); (ii)&nbsp;specifies the transaction parameters of the
purchases; and (iii)&nbsp;does not allow the person setting up the plan to exercise any subsequent influence over the details of the
purchases or sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Rule&nbsp;10b5-1 Plan allows
the broker to continue repurchasing the Company&rsquo;s shares pursuant to its terms, even when the Company may be in possession of MNPI
and during any restrictive period. The Company would only enter into, or amend, a Rule&nbsp;10b5-1 Plan at a time when it does not possess
MNPI.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As
Rule&nbsp;10.06(3)(a)&nbsp;of the Hong Kong Listing Rules&nbsp;provides that an issuer whose primary listing is on the Exchange may
not (i)&nbsp;make a new issue of shares, or a sale or transfer of any treasury shares; or (ii)&nbsp;announce a proposed new issue of
shares, or a sale or transfer of any treasury shares, for a period of 30 days after any purchase by it of shares, whether on the
Hong Kong Stock Exchange or otherwise, without the prior approval of the Hong Kong Stock Exchange (the &ldquo;<B>Moratorium
Period</B>&rdquo;). The Company&rsquo;s last share repurchase under the Rule&nbsp;10b5-1 Plan was conducted on
August&nbsp;28, 2025. While the Company subsequently suspended the Rule 10b5-1 Plan, the last share repurchase still took place within the Moratorium Period. The Company has applied for, and the Hong Kong Stock Exchange has
granted a waiver from strict compliance with the requirements under Rule&nbsp;10.06(3)(a)&nbsp;of the Hong Kong Listing Rules, such
that the Company could conduct and announce the Notes Offering, subject to a shorter moratorium period of that had commenced from
five trading days prior to the pricing of the Notes Offering and will continue not to conduct any share repurchase until the
completion of the Notes Offering , on the basis that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(i)</TD><TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #231F20">the Company has a long history of conducting
                                     share repurchases thorough Rule 10b5-1 Plans and such plans were entered into when there was no MNPI. The Rule 10b5-1 Plan is
                                     governed by safeguards against insider dealing and price manipulation under the requirements in the U.S. (which are similar to the
                                     requirements set out in the guidance letter HKEX-GL-117-23 as published by the Hong Kong Stock Exchange on issuers&rsquo; automatic
                                     share buyback programs). Under the Rule 10b5-1 Plan, the broker had its sole discretion to execute the share buy-backs in accordance
                                     with the parameters that were pre-determined by the Company when there was no MNPI . The Company&rsquo;s share buy-backs before the
                                     Notes Offering had been conducted in accordance with such parameters determined well in advance and only represented a small
                                     percentage of the Company&rsquo;s average daily trading volume (&ldquo;<B>ADTV</B>&rdquo;) on the NYSE. Therefore, the share
                                     buy-backs conducted under the Rule 10b5-1 Plan would not manipulate the share price or circumvent dealing restrictions under the
                                     Hong Kong Listing Rules;</P></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(ii)</TD><TD>Considering the frequent share buybacks conducted under the Rule&nbsp;10b5-1 Plan, the Company
                                  has very limited trading window to conduct the Notes Offering if it were to comply with the full Moratorium
                                  Period.&nbsp; It would also be unduly burdensome and impractical for the Company to suspend the Rule&nbsp;10b5-1
                                  Plan for 30 days before conducting the Notes Offering as such transactions are highly market-driven
                                  and the transactions may no longer be viable; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(iii)</TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Unless otherwise
provided under Rule 10.06(3)(a) of the Hong Kong Listing Rules and save for the share buybacks under the Rule 10b5-1 Plan (which would
be subject to the shorter moratorium period as set out above), no other share buy-backs was conducted within 30 days before the announcement
of the Proposed Notes Offering and would be conducted until the completion of the Notes Offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.65pt 0pt 50pt; text-indent: -36.5pt; color: #231F20"></P></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="padding-right: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">It is expected that the market
prices of the Company&rsquo;s listed securities are less susceptible to price manipulation given the Company&rsquo;s large market capitalization
and high ADTV.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><I>Capped Call Transactions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In respect of the Capped
Call Transactions where the Option Counterparties&rsquo; delivery of shares would constitute a share buy-back of the Company, the
Company has applied for, and the Hong Kong Stock Exchange has granted a waiver from strict compliance with the requirements under
Rule&nbsp;10.06(3)(a)&nbsp;of the Hong Kong Listing Rules, such that the Company may, from time to time, announce proposed new issue
of shares, or a sale or transfer of any treasury shares within 30 days after any share repurchase conducted under the Capped Call
Option, on the basis that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(i)</TD><TD>the Capped Call Transactions are structured such that the timing, size and economics of the exercise under the Capped Call
                                 Option match the conversion exercises of the Notes by the noteholders, and the Company could exercise the Capped Call Option after
                                 the Notes are converted by the noteholders and if the Strike Price is met. The Capped Call Transactions are not intended to provide
                                 selected shareholders with an exit opportunity. The total number of ADSs or ordinary shares deliverable under the Capped Call
                                 Transactions will not exceed the number of ADSs or ordinary shares that the Company is obliged to issue under the Notes. The
                                 Company&rsquo;s exercise of the Capped Call Options shall correspond with the Noteholders&rsquo; conversion of the Notes. The future
                                 share buy-backs arising from the delivery of shares under the Capped Call Option are based on pre-determined terms entered into and
                                 announced at the time of the pricing of the Notes Offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(ii)</TD><TD>the Capped Call Transactions (and the share repurchases thereunder) are part and parcel to the
                                  Notes Offering. During the exercise period of the Capped Call Option, the share repurchase thereunder
                                  would be an existing obligation of the Company and it would not affect or influence the Company&rsquo;s
                                  share price in any subsequent issue of new shares or transfer of treasury shares by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(iii)</TD><TD>there is no pre-arrangement between the Company and its connected persons with the Option Counterparties
                                   as to the source of the ADSs or ordinary shares to be delivered under the Capped Call Transactions.
                                   The Company and its connected persons will have no involvement, whether directly or indirectly, in
                                   the Option Counterparties&rsquo; solicitation, selection or identification of the seller of the shares
                                   or ADSs to be delivered to the Company under the Capped Call Transactions; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(iv)</TD><TD>it is expected that the market prices of the Company&rsquo;s listed securities are less susceptible
                                  to price manipulation given its large market capitalisation and high liquidity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt auto">In addition, in respect of the share repurchase conducted
under the Capped Call Option, the Company has applied for, and has been granted, from the Executive Director of the Corporate Finance
Division of the Securities and Futures Commission a waiver from compliance with the Code on Share Buy-backs (other than Rule&nbsp;6)
having considered all the relevant circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EFFECT ON SHAREHOLDING OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assuming there being no other change in the shareholding
structure of the Company and based on information available to the Company under disclosure of interests filings, the following table sets out the shareholding structure
of the Company (i)&nbsp;as at the Latest Practicable Date; and (ii)&nbsp;immediately after the completion of the Notes Offering
(i.e. issue of the Notes under the terms and conditions of the Purchase Agreement), assuming full conversion of the Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As at the Latest Practicable
    Date</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Immediately
    after the <BR>
    completion of the Notes<BR> Offering, assuming full<BR>
    conversion of the Notes<SUP>(3)(4)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of<BR>
    ordinary shares<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approx.
    % of<BR>
    issued<BR> voting shares<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of<BR>
    ordinary shares<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Approx.
    % of<BR>
    issued <BR> voting shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Shareholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JPMorgan
    Chase&nbsp;&amp; Co.<SUP>(5)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,218,014,083</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,218,014,083</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">382,282,808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(S)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">382,282,808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(S)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">534,874,501</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(P)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">534,874,501</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(P)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citigroup
    Inc.<SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,012,016,266</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,012,016,266</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">185,080,735</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(S)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">185,080,735</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(S)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">836,761,313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(P)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">836,761,313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(P)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.36</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BlackRock,&nbsp;Inc.<SUP>(7)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">983,512,344</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">983,512,344</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,297,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(S)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,297,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(S)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Holder(s)&nbsp;of the Conversion Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">131,213,488</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,854,105,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83.12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,854,105,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">(L)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">82.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">19,072,731,484</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">19,203,944,972</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The letter &ldquo;L&rdquo; stands for long position, the letter &ldquo;S&rdquo;
                                            stands for short position and the letter &ldquo;P&rdquo; stands for lending pool.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The calculation is based on a total of 19,072,731,484 ordinary shares
                                            in issue as of the Latest Practicable Date (including ordinary shares repurchased but not
                                            yet cancelled as of the Latest Practicable Date).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Assuming there is no change in the total number of Shares issued from
                                            the Latest Practicable Date to the date immediately after the completion of the Notes Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Based on the initial conversion rate of 5.1773 ADSs per US$1,000 principal
                                            amount of Notes (equivalent to 41.4184 ordinary shares per US$1,000 principal amount of Notes),
                                            16,401,686 ADSs (equivalent to 131,213,488 ordinary shares) are deliverable upon full conversion of the
                                            Notes, i.e. the Conversion Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>According to the disclosure of interests notice filed by JPMorgan Chase&nbsp;&amp;
                                            Co. regarding the relevant event dated August&nbsp;26, 2025, (a)&nbsp;373,126,461 shares
                                            (long position) and 376,765,607 shares (short position) were held by JPMorgan Chase&nbsp;&amp;
                                            Co. directly; (b)&nbsp;1,587,024 shares (long position) were held by a trust of which JPMorgan
                                            Chase&nbsp;&amp; Co. is a trustee; and (c)&nbsp;the remaining interests were held by JPMorgan
                                            Chase&nbsp;&amp; Co. indirectly through certain of its controlled corporations. Among them,
                                            (i)&nbsp;97,809,516 shares (long position) and 98,369,300 shares (short position) were held
                                            through physically settled listed derivatives; (ii)&nbsp;1,043,691 shares (long position)
                                            and 25,775,660 shares (short position) were held through cash settled listed derivatives;
                                            (iii)&nbsp;36,204,035 shares (long position) and 55,049,846 shares (short position) were
                                            held through physically settled unlisted derivatives; (iv)&nbsp;79,712,351 shares (long position)
                                            and 99,927,975 shares (short position) were held through cash settled unlisted derivatives;
                                            and (v)&nbsp;46,268,929 shares (long position) and 110,648 shares (short position) were held
                                            through listed derivatives which are convertible instruments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>According to the disclosure of interests notice filed by Citigroup
                                            Inc. regarding the relevant event dated September&nbsp;3, 2025, 175,254,953 shares (long
                                            position) and 185,080,735 shares (short position) interests were held by Citigroup Inc. indirectly
                                            through certain of its controlled corporations. Among them, (i)&nbsp;55,848,600 shares (long
                                            position) and 35,713,400 shares (short position) were held through physically settled listed
                                            derivatives; (ii)&nbsp;76,768,114 shares (long position) and 119,651,407 shares (short position)
                                            were held through physically settled unlisted derivatives; (iii)&nbsp;4,501,973 shares (long
                                            position) and 24,050,854 shares (short position) were held through cash settled unlisted
                                            derivatives; and (iv)&nbsp;17,280 shares (long position) were held through listed derivatives
                                            which are convertible instruments.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>According to the disclosure of interests notice filed by Blackrock,&nbsp;Inc.
                                            regarding the relevant event dated June&nbsp;13, 2025, 983,512,344 shares (long position)
                                            and 3,297,800 shares (short position) were held by Blackrock,&nbsp;Inc. indirectly through
                                            certain of its controlled corporations. Among them, (i)&nbsp;6,137,756 shares (long position)
                                            and 3,297,800 shares (short position) were held through cash settled unlisted derivatives;
                                            and (ii)&nbsp;6,572,498 shares (long position) were held through listed derivatives which
                                            are convertible instruments.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Alibaba Group will use the
net proceeds from the Notes Offering for general corporate purposes, with a strategic focus on strengthening its cloud infrastructure
capabilities and international commerce business operations. Specifically, the allocation will include approximately 80% directed towards
enhancing its cloud infrastructure, which encompasses scaling up data centers, upgrading technology, and improving services to meet growing
demand. The remaining 20% will be invested in expanding international commerce operations, focusing on operational investments that will
enable the Company to enhance its market presence and efficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>REASONS FOR THE TRANSACTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Notes Offering is part
of Alibaba Group&rsquo;s strategy to leverage favorable market conditions and funding costs to support the Company&rsquo;s investment
in cloud infrastructure and international commerce business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Alibaba adopts a disciplined
approach to capital structure optimization. Due to the Notes&rsquo; low all-in cost and zero coupon, the Notes Offering is expected to
lower the Company&rsquo;s overall cost of capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Capped Call Transactions
are generally expected to reduce the potential dilution to the shareholders of the Company. By effectively increasing the conversion
price of the Notes to US$235.46, the Company is steadfast in its business strategy and the long-term value of its shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Notes Offering will not
impact the Company&rsquo;s strong credit profile, which ensures continued flexibility to deliver long-term value to its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>FUNDRAISING ACTIVITIES IN
THE PAST TWELVE MONTHS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Company has not conducted
any other equity fundraising activity in the past twelve-month period immediately preceding this announcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>GENERAL MANDATE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Conversion Shares (including
in the form of ADSs) will be issued under the General Mandate. As at the date of this announcement, the General Mandate has not been
utilized and the maximum number of ordinary shares allowed to be allotted and issued under the General Mandate was 1,874,327,393 shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Upon exercise in full of the conversion
rights attached to the Notes at the initial conversion price of US$193.15 per ADS, a total of 131,213,488  Conversion Shares (or
16,401,686  ADSs), representing 0.69% of the number of ordinary shares issued as at the Latest Practicable Date will be issued.
The General Mandate is therefore sufficient for the allotment and issue of the Conversion Shares and the issue of the Notes and the Conversion
Shares thereunder are not subject to shareholders&rsquo; approval at a general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.65pt 0pt 14pt; color: #231F20"> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>APPLICATION FOR LISTING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Company will also make
an application to the Hong Kong Stock Exchange for the listing of, and permission to deal in, the Conversion Shares to be issued upon
the conversion of the Notes on the Hong Kong Stock Exchange.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>OTHER INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Notes, the ADSs deliverable
upon conversion of the Notes, if any, and the ordinary shares represented thereby or deliverable upon conversion of the Notes in lieu
thereof (collectively, the &ldquo;<B>Securities</B>&rdquo;), have not been and will not be registered under the U.S. Securities Act or
any U.S. state securities laws, and are being offered and sold to certain non-U.S. persons in offshore transaction outside the United
States in reliance on Regulation S under the U.S. Securities Act. The Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Notes will not be offered
or sold in Hong Kong to the &ldquo;public&rdquo; within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance
(Chapter 32 of the Laws of Hong Kong).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This announcement shall not
constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not
constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This announcement contains
information about the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For the purposes of this announcement,
the exchange rate of US$1.00 = HK$7.7901 has been used for currency translation, where applicable. Such an exchange rate is for illustrative
purposes and does not constitute representations that any amount in US$ or HK$ has been, could have been or may be converted at such
a rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>INFORMATION ABOUT THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Alibaba Group is a global technology
company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers
by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading
cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>SAFE HARBOR STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This announcement contains
forward-looking statements. These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be identified by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;propose,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;future,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo;
 &ldquo;ongoing,&rdquo; &ldquo;target,&rdquo; &ldquo;guidance,&rdquo; &ldquo;is/are likely to&rdquo; and similar statements. In addition,
statements that are not historical facts, including statements about the intended use of proceeds, the terms of the Notes, the terms
of, and the anticipated effects of entering into, the capped call transactions, the actions of the Option Counterparties and their respective
affiliates and the anticipated effects of such actions, and whether the Company will complete the Notes Offering, are or contain forward-looking
statements. Alibaba may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the
 &ldquo;SEC&rdquo;), in announcements made on the website of the Hong Kong Stock Exchange, in press releases and other written materials
and in oral statements made by its officers, directors or employees to third parties. 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.
Further information regarding these risks is included in Alibaba&rsquo;s filings with the SEC and announcements on the website of the
Hong Kong Stock Exchange. All information provided in this announcement is as of the date of this announcement and are based on assumptions
that we believe to be reasonable as of this date, and Alibaba 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-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>DEFINITIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In this announcement, unless
the context otherwise requires, the following expressions have the following meanings:</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: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;ADS(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary
    Shares (each representing eight ordinary shares)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the board of directors
    of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Cap Price&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the cap price for the
    exercise of the Capped Call Option, which is initially at US$235.46 per ADSs (subject to certain customary adjustments)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Capped Call Option(s)&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a capped call option struck
    at the Strike Price, subject to the Cap Price </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Capped Call Transactions&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the capped call transactions
    entered into between the Company and the Option Counterparties in relation to the Capped Call Options, details of which are disclosed
    under the paragraph headed &ldquo;Capped Call Transactions&rdquo; in this announcement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company&rdquo;,
    &ldquo;Alibaba&rdquo; or &ldquo;Alibaba Group&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alibaba Group Holding
    Limited, an exempted company incorporated in the Cayman Islands with limited liability on June&nbsp;28, 1999, the American depositary
    shares (each representing eight (8)&nbsp;ordinary shares) of which are listed on the NYSE under the symbol &ldquo;BABA&rdquo;, and
    the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (stock codes: 9988 (HKD counter) and 89988 (RMB
    counter))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&ldquo;connected person(s)&rdquo;</TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt">has the meaning ascribed to it under the Hong Kong Listing Rules</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Conversion Shares&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the new shares which may
    fall to be allotted and issued by the Company on conversion of the Notes </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Directors&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">directors of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;General Mandate&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the general mandate granted
    by the shareholders of the Company to the Directors on August&nbsp;22, 2024 to allot and issue up to 1,874,327,393 shares (including
    in the form of ADSs), further details are set out in the Company&rsquo;s proxy statement dated July&nbsp;5, 2024 and the poll results
    announcement dated August&nbsp;23, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Group&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company, its consolidated
    subsidiaries and its consolidated affiliated entities, from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;HK$&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong dollars, the
    lawful currency of Hong Kong</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Hong Kong&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Hong Kong Listing
    Rules&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Rules&nbsp;Governing
    the Listing of Securities on the Hong Kong Stock Exchange, as amended or supplemented from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Hong Kong Stock
    Exchange&rdquo; or the &ldquo;Exchange&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Stock Exchange of
    Hong Kong Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Initial Purchasers&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt">t<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">he purchasers under the
Purchase Agreement, including the Representatives, together with BNP Paribas Securities (Asia) Limited , Deutsche Bank AG, Hong Kong
Branch and Mizuho Securities Asia Limited (in alphabetical order)&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="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; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Latest
    Practicable Date&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;8,
    2025 (being the latest practicable date for ascertaining information in this announcement)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notes&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately US$3.2
    billion in aggregate principal amount of zero coupon convertible senior notes due 2032</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notes Offering&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the offering of the Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NYSE&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the New York Stock Exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Option Counterparties&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Representatives, together with BNP Paribas Securities (Asia)
    Limited and Mizuho Securities Asia Limited (in alphabetical order)</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 of the Directors&rsquo; knowledge, information and
    belief having made all reasonable enquiry, each of the Option Counterparties is a third party independent of the Company and its
    connected persons</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;PRC&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the People&rsquo;s Republic
    of China</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Purchase Agreement&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the purchase agreement
    entered into on September&nbsp;11, 2025 between the Company and the Representatives, as the representatives of the Initial Purchasers,
    in relation to the Notes Offering</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Reference Share
    Price&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the closing price of the
    ordinary shares on the Hong Kong Stock Exchange on the date of pricing of the Notes Offering of HK$143.30, which is converted and multiplied
    by eight, the ordinary-share-to-ADS ratio to, US$147.16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Representatives&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Active Bookrunners
    and Joint Global Coordinators of the Notes Offering, including Barclays Bank PLC, Citigroup Global Markets Limited, The Hongkong
    and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Morgan Stanley Asia Limited and UBS AG Hong Kong Branch (in
    alphabetical order)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RMB&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renminbi, the lawful currency
    of the PRC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;shares&rdquo; or
    &ldquo;ordinary shares&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ordinary shares of
    our Company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;shareholders&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holder(s)&nbsp;of
    the ordinary shares, and where the context requires, the ADS(s)&nbsp;of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Strike Price&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the price for the exercise of the Capped Call Option, which shall
    be a price equal to the applicable conversion price at the time of exercise of the Capped Call Option (subject to certain customary
    adjustments)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;US$&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the lawful currency of
    the U.S.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.&rdquo; or
    &ldquo;United States&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the United States of America
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;%&rdquo;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">per cent. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 30%"><FONT STYLE="font-size: 10pt">By order of the
    Board</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Alibaba Group Holding
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Kevin Jinwei ZHANG</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Secretary</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Hong Kong,
September&nbsp;11, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As at the date of this announcement,
our board of directors comprises Mr.&nbsp;Joseph C. TSAI as the chairman,<BR>
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<BR>
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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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