Alibaba-W (09988) has announced that on March 13, 2026, the Hong Kong Stock Exchange confirmed the company may proceed with the proposed spin-off of an infrastructure REIT on the Shenzhen Stock Exchange. The Hong Kong Stock Exchange also granted the company a waiver, exempting it from the strict requirement under paragraph 3(f) of Hong Kong Listing Rule Guidance Letter 15 to provide shareholders with guaranteed allotments.