Alibaba Group Holding Limited (Alibaba Group) has adjusted the exchange terms of its HK$12.02 billion zero-coupon exchangeable bonds due 2032, following the shareholder approval of cash dividends by its underlying stock, Alibaba Health Information Technology Limited (Alibaba Health).

The dividend trigger: • Alibaba Health’s board recommended, and shareholders on 7 August 2026 approved, a final dividend of RMB0.0595 per share and a special dividend of RMB0.1352 per share for the fiscal year ended 31 March 2026.

Key bond adjustments (effective 14 August 2026): • Exchange Price: reduced to HK$5.92 per Alibaba Health share from HK$6.23. • Exchange Ratio: raised to 168,918.9 Alibaba Health shares for every HK$1.00 million principal amount of bonds, up from 160,513.6 shares. • Maximum deliverable shares on full conversion: increased to 2.03 billion shares from 1.93 billion shares previously.

Background: • The zero-coupon exchangeable bonds were issued on 3–4 July 2025 with a principal amount of HK$12.02 billion and are exchangeable into Alibaba Health’s Hong Kong-listed ordinary shares (ticker: 0241). • The bonds mature in 2032 and are part of Alibaba Group’s capital-raising initiatives executed under its weighted voting rights (WVR) structure.

Board information: Alibaba Group’s board is chaired by Joseph C. Tsai and includes executive directors Eddie Yongming Wu, J. Michael Evans and Maggie Wei Wu, alongside six independent directors.

The revised exchange terms are binding from 14 August 2026, reflecting the dividend-induced adjustment mechanism embedded in the bond documentation.