<SEC-DOCUMENT>0001104659-25-117318.txt : 20251201
<SEC-HEADER>0001104659-25-117318.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201161127
ACCESSION NUMBER:		0001104659-25-117318
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251201
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201

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:		251539777

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2532433d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-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>December&nbsp;1, 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&#8239;</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>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2532433d1_ex99-1.htm">Exhibit&nbsp;99.1 &ndash; Announcement with The Stock Exchange of Hong Kong Limited - Grant of Awards Pursuant to the 2024 Plan</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: December&nbsp;1, 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>Company Secretary</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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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2532433d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

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

<DIV STYLE="font: 10pt Times New Roman, Times, Serif; padding: 5pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (the &ldquo;<B>Hong Kong Listing Rules</B>&rdquo;), 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.</FONT></P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2532433d1_ex99-1img001.jpg" ALT="" STYLE="height: 85px; width: 225px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alibaba
Group Holding Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#38463;
&#37324; &#24052; &#24052; &#38598; &#22296; &#25511; &#32929; &#26377; &#38480; &#20844; &#21496;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Incorporated
in the Cayman Islands with limited liability)&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNOUNCEMENT&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GRANT
OF AWARDS PURSUANT TO THE 2024 PLAN</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Rule&nbsp;17.06A of the Hong Kong Listing Rules, the Board announces that on November&nbsp;29, 2025, the Company granted Awards involving
6,115,830 underlying Shares (representing approximately 0.03% of the total Shares in issue (excluding treasury shares) as at the date
of this announcement), to certain Employees in accordance with the terms of the 2024 Plan (subject to acceptance by the grantees).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Details
of Grant of Awards</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
details of the grant of Awards to the grantees are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of grant:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;29, 2025</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Grantees
    and number of underlying Shares of the Awards granted:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt auto; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
                                            involving 6,115,830 underlying Shares were granted to certain Employees under the 2024 Plan.</FONT></P>
                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt auto; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    above grant is not subject to approval by the Shareholders in general meeting. To the best knowledge of the Directors, as of the
    date of this announcement, none of the grantees is (i)&nbsp;a director, chief executive or substantial shareholder of the Company,
    or an associate of any of them; (ii)&nbsp;a participant with options and awards granted and to be granted exceeding the 1% individual
    limit under the Hong Kong Listing Rules; or (iii)&nbsp;a Related Entity Participant or a Service Provider.</FONT></P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 28%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%">The above grant would not result in the Shares issued and to be
    issued in respect of all options and awards granted to each grantee in the 12-month period up to and including the date of such grant
    in aggregate to be over 1% of the Shares in issue (excluding treasury shares).</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    price of the Awards granted:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Nil</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing
    price of the Shares on the date of grant:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">HK$151.50 per Share</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting
    period:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The Awards granted have mixed vesting schedules where the Awards shall vest
    by batches up to 5 years, with certain Awards to be vested within 12 months, of the date of grant. It is permitted under the 2024
    Plan to have a vesting period shorter than 12 months, given that these Awards are granted to Employees, and (i)&nbsp;shall vest evenly
    over a period of 12 months or more; (ii)&nbsp;were granted in batches due to administrative and compliance reasons which caused delay
    in grant; and/or (iii)&nbsp;substitute awards granted in connection with Awards that are assumed, converted or substituted pursuant
    to a merger or similar transaction entered into by the Company or a subsidiary of the Company.</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance
    targets:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The Awards were granted to the grantees without any performance targets.</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clawback
    mechanism:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Subject to applicable laws, upon the occurrence of any applicable event as may
    be specified in the applicable award agreements (including but not limited to termination for cause, breaches of restrictive covenants,
    or commission of specified tortious conduct), (i)&nbsp;all Awards granted to a participant shall become ab initio void and (ii)&nbsp;considering
    that all of such participant&rsquo;s Awards, whether vested or unvested, are ab initio void, such participant shall forthwith return
    to the Company (A)&nbsp;all Shares received in settlement or upon the exercise of such void Awards, (B)&nbsp;all cash, or other property
    that was received in settlement or upon the exercise of such void Awards, and/or (C)&nbsp;any proceeds, gains and/or economic benefits
    such participant realized in connection with the sale, transfer or other disposition of the Shares or other property received in
    settlement or upon the exercise of such void Awards, and the Company shall have the right to take all actions to effect the return
    from such participant of all such Shares, cash or other property, and/or proceeds, gains and/or economic benefits.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
of Shares Available for Future Grants</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Awards will be satisfied by issuance of new Shares within the scheme mandate limit under the 2024 Plan.</FONT></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to the above grant of Awards and as at the date of this announcement, the maximum number of Shares available for future grants to be
satisfied by new Shares or treasury shares within the scheme mandate limit under the 2024 Plan is 405,606,225, and the maximum number
of Shares available for future grants to be satisfied by new Shares or treasury shares within the service provider sub-limit under the
2024 Plan is 93,716,369.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reasons
for and Benefits of Grant of Awards</B></FONT></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
grant of Awards is to (i)&nbsp;attract and retain talents by rewarding the grantees for their outstanding performance and contributions
to the Group, (ii)&nbsp;provide incentives to such grantees who will contribute their knowledge, experience, expertise and services to
the Group, which are essential to the success, continual operation and development of the Group, and (iii)&nbsp;align the interests of
the grantees with those of the Group and the Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitions</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this announcement, unless the context otherwise requires, the following expressions have the following meanings:</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in; width: 28%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;2024
    Plan&rdquo;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%">the 2024 Equity Incentive Plan adopted by the Company on August&nbsp;22,
    2024, in its present form or as amended from time to time in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">accordance
    with the provisions thereof</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;ADS(s)&rdquo;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
    depositary share(s)&nbsp;of the Company, each of which represents eight Shares</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;associate&rdquo;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">has the meaning ascribed to it under the Hong Kong Listing Rules</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15in; text-indent: -0.15in; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Awards&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">awards of restricted share units to grantees
    pursuant to the 2024 Plan</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Board&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">the board of directors of the Company</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo; Company&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">Alibaba Group Holding Limited, an exempted
    company incorporated in the Cayman Islands with limited liability on June 28, 1999, the ADSs of which are listed on the New York
    Stock Exchange 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))</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Director(s)&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">the director(s) of the Company</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo; Employee&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">a person who has an employment relationship
    with any Group Member (including a person who is granted Awards under the 2024 Plan as an inducement to enter into employment contract
    with any Group Member)</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; width: 28%; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Executive
    Director&rdquo;</TD>
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">an Employee who is a member of
    the board of directors of a Group Member</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Group&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">the Company and its subsidiaries</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Group Member&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">the Company, its subsidiaries or Related Entities</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Hong Kong Listing
    Rules&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">the Rules Governing the Listing of Securities
    on The Stock Exchange of Hong Kong Limited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Hong Kong Stock
    Exchange&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">The Stock Exchange of Hong Kong Limited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Related Entity&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">a holding company, a fellow subsidiary or
    an associated company of the Company</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Related Entity
    Participant&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">an Employee or Executive Director of any Related
    Entity</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Service Provider&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">a person, such as an independent contractor,
    consultant, agent, adviser and supplier, who (i) is engaged by the Group to render consulting or advisory services to the Group;
    and (ii) provides services to the Group on a continuing or recurring basis in its ordinary and usual course of business which are
    in the interests of the long term growth of the Group, and in particular, any person who is engaged by the Group under a service
    or consultant service contract to provide services or consulting services, including but not limited to any person who is engaged
    by the Group under a service or consultant service contract or contracts of similar nature to provide services or consulting services
    to a Group Member on matters such as (but not limited to) legal,IT, finance, tax, e-commerce, technology, business operations, business
    development, logistics, data center and strategic planning</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;Shareholder(s)&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">holder(s) of Shares and, where the context
    requires, ADSs</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left; width: 28%">&ldquo;Share(s)&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left; width: 72%">ordinary share(s)in the capital
    of the Company with par value of US$0.000003125 each</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;substantial shareholder&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">has the meaning ascribed to it under the Hong
    Kong Listing Rules</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; color: #221E1F; text-align: left">&ldquo;%&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F">per cent</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 75%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%; font:  10pt Times New Roman, Times, Serif; color: #221E1F"><P STYLE="margin-top: 0; margin-bottom: 0">By
                                            order of the Board</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Alibaba
                                            Group Holding Limited</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Kevin Jinwei
                                            ZHANG</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><I>Secretary</I></P></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
Kong, December&nbsp;1, 2025</FONT></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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