Spin-off of Jiaxing Park Infrastructure Assets via SZSE REIT

planned

Alibaba Group Holding Ltd. received approval from the Hong Kong Stock Exchange to spin off certain infrastructure assets centered on Jiaxing Park through a real estate investment trust listing on the Shenzhen Stock Exchange. The spin-off will be executed via a publicly offered Infrastructure REIT managed by CICC Fund, involving an asset-backed securities structure to securitize the project companies and Jiaxing Park. Upon completion, the project companies will cease to be Alibaba subsidiaries and will no longer be consolidated into Alibaba's financial statements, aiming to unlock infrastructure asset value and streamline the balance sheet.