Alibaba made an announcement via a statement on the Hong Kong Stock Exchange, revealing that on September 16, 2025, it had accomplished the issuance of zero - coupon convertible preferred notes valued at around US$3.2 billion. These notes are set to reach maturity in 2032. They are mainly aimed at specific non - U.S. investors who are involved in offshore transactions in accordance with Regulation S of the U.S. Securities Act. In terms of fund utilization, Alibaba intends to allocate the net proceeds from this note issuance for general corporate needs. A key focus will be on enhancing cloud infrastructure capabilities and bolstering international commercial operations. Regarding the conversion terms, the initial conversion rate for these notes stands at 5.1773 U.S. depositary shares for every US$1,000 of the principal amount. This translates to an initial conversion price of US$193.15 per share.