<SEC-DOCUMENT>0001104659-25-124386.txt : 20251229
<SEC-HEADER>0001104659-25-124386.hdr.sgml : 20251229
<ACCEPTANCE-DATETIME>20251229060517
ACCESSION NUMBER:		0001104659-25-124386
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251229
FILED AS OF DATE:		20251229
DATE AS OF CHANGE:		20251229

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:		251602369

	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>tm2534404d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 18pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 18pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 18pt"><B>FORM 6-K</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Pursuant to Rule 13a-16 or 15d-16 Under</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>December 29, 2025</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Commission File Number: 001-36614</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 18pt"><B>Alibaba Group Holding Limited</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(Registrant&#8217;s name)</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>26/F Tower One, Times Square</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>1 Matheson Street</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Causeway Bay</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Hong Kong S.A.R.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>People&#8217;s Republic of China</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F
or Form 40-F:</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form 20-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT> Form 40-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>EXHIBITS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="tm2534404d1_ex99-1.htm">Exhibit 99.1 &#8211; Announcement with The Stock Exchange of Hong Kong Limited &ndash; Grant of Awards Pursuant to the 2024 Plan</A></FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ALIBABA GROUP HOLDING LIMITED</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date: December 29, 2025</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Jinwei ZHANG</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Kevin Jinwei ZHANG</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt; color: Black">Company Secretary</FONT> <FONT STYLE="font-size: 10pt"></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-right: 15pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2534404d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2534404d1_ex99-1img001.jpg" ALT=""></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><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; color: #231f20"><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; color: #231f20"><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; color: #231f20"><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; color: #231f20"><FONT STYLE="font-size: 10pt"><B>ANNOUNCEMENT</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 10pt">Pursuant to Rule&nbsp;17.06A
of the Hong Kong Listing Rules, the Board announces that on December&nbsp;23, 2025, the Company granted Awards involving 2,277,600 underlying
Shares (representing </FONT>approximately 0.01% 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).</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; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="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; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; width: 30%; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Date
    of grant:</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">December&nbsp;23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Grantees
    and number of underlying Shares of the Awards granted:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Awards involving
    2,277,600 underlying Shares were granted to certain Employees under the 2024 Plan.<BR>
    <BR>
    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.<BR>
    <BR>
    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).</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; width: 30%; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Purchase
    price of the Awards granted:</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Nil</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Closing
    price of the Shares on the date of grant:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">HK$147.20 per Share</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Vesting
    period:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">The Awards granted have mixed vesting
    schedules where the Awards shall vest by batches up to 4 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) shall vest evenly over a period of 12 months or more; and/or (ii) were granted in batches due to administrative
    and compliance reasons which caused delay in grant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Performance
    targets:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">The Awards were granted to the grantees
    without any performance targets.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.25in; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Clawback
    mechanism:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">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.</FONT></TD></TR>
  </TABLE>

<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; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #231f20"><FONT STYLE="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 403,692,569, 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-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #231f20"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 10pt"><B>Definitions</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: justify; color: #231f20"><FONT STYLE="font-size: 10pt">In
this announcement, unless the context otherwise requires, the following expressions have the following meanings:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; width: 30%; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;2024
    Plan&rdquo;</FONT></TD>
    <TD STYLE="text-align: left; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">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 accordance
    with the provisions thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;ADS(s)&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">American depositary
    share(s)&nbsp;of the Company, each of which represents eight Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;associate&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">has the meaning
    ascribed to it under the Hong Kong Listing Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Awards&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">awards of
    restricted share units to grantees pursuant to the 2024 Plan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Board&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">the board
    of directors of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Company&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Alibaba Group
    Holding Limited, an exempted company incorporated in the Cayman Islands with limited liability on June&nbsp;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))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Director(s)&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">the director(s)&nbsp;of
    the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Employee&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">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)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Executive
    Director&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">an Employee
    who is a member of the board of directors of a Group Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Group&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">the Company
    and its subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Group
    Member&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">the Company,
    its subsidiaries or Related Entities</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Hong
    Kong Listing Rules&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">the Rules&nbsp;Governing
    the Listing of Securities on The Stock Exchange of Hong Kong Limited</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Hong
    Kong Stock Exchange&rdquo;</FONT></TD>
    <TD STYLE="text-align: left; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">The Stock
    Exchange of Hong Kong Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Related
    Entity&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">a holding
    company, a fellow subsidiary or an associated company of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Related
    Entity Participant&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">an Employee
    or Executive Director of any Related Entity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Service
    Provider&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">a person,
    such as an independent contractor, consultant, agent, adviser and supplier, who (i)&nbsp;is engaged by the Group to render consulting
    or advisory services to the Group; and (ii)&nbsp;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,&nbsp;IT, finance, tax, e-commerce,
    technology, business operations, business development, logistics, data center and strategic planning</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Shareholder(s)&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">holder(s)&nbsp;of
    Shares and, where the context requires, ADSs</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;Share(s)&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">ordinary share(s)&nbsp;in
    the capital of the Company with par value of US$0.000003125 each</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;substantial
    shareholder&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">has the meaning
    ascribed to it under the Hong Kong Listing Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&ldquo;%&rdquo;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">per cent</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">By
    order of the Board</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B>Alibaba
    Group Holding Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B>Kevin
    Jinwei ZHANG</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><I>Secretary</I></FONT></TD></TR>
  </TABLE>

<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; color: #231f20"><FONT STYLE="font-size: 10pt">Hong Kong, December&nbsp;24,
2025</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; color: #231f20"><FONT STYLE="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; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm2534404d1_ex99-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2534404d1_ex99-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !: .4# 2(  A$! Q$!_\0
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M-4B_>'[+*P69,\8/&[ZBNI^(-]$MA;V/!F=_-_W5 (S^.?T->>JI9@J@DDX
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ML/ANU@EC9)5@VE".0<=*U**VPV"AAVW%MW.?%YC/%14912L[GCO_  CNL_\
M0-N?^^#6Q;^%-6CTJ.]LS-;WH+"2'<48C/!!_I7I5%8PRNE%[LZ*F=5I))12
M_&_EJ>-RZ3K$DY\ZQO7E)P2T3$G\:ZGPSX.GANX[[4T"",AHX<Y.[L6^GI7=
MT4Z664X3YVVR:^<5JD.2*4;]OZT,/Q/H7]N:<%C;;<PDM%D\'U!^M><3:!J]
MM+L?3KG=V*1EA^8R*]CHK3$X"G7ESMV9EA,SJX:'(DFCS6ST7Q-K&V&\FNHK
M3(W&X<]/]T\DUDOX<U<.P73KD@'@[#7L%%92RNG)*\G?N;PSFK%NT%;ML8?A
E&UGL_#T4-S$\4H=R5<8/6BMRBO1IP5."@NAY-6HZM1S?5W/_V0$!

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