Alibaba Group CEO Wu Yongming concurrently serves as CEO of Taotian Group to ensure unified command of core strategies.

Zhitong App learned that on December 20th, Alibaba (09988) announced that Alibaba CEO and Taotian Group Chairman Wu Yongming will also serve as Taotian Group CEO. Alibaba Board Chairman Cai Chongxin stated in a company-wide letter that in the three months since Wu Yongming took over as Alibaba Group CEO, he has clarified the strategic focus and priority choices for the entire group, made resolute decisions regarding the core business, and promoted the rejuvenation of the management team. With Wu Yongming concurrently serving as the top executive of Alibaba Cloud and Taotian, it will help lead Taotian's transformation through technological innovation and ensure unified command and sustained high-intensity investment in the two strategic focuses of e-commerce and cloud for the group.

Attached: Full Text of the Company-wide Letter

"Change is the only constant, let us ignite the spirit of entrepreneurship!"

Dear Alibaba employees,

A new round of technological transformation has begun, presenting both challenges and opportunities. In this new era, we need new strategies and organizational changes. By facing the past and looking towards the future, and by changing ourselves, I believe that Alibaba, having experienced this round of transformation, will complete its metamorphosis just like any previous time.

I hereby announce that after discussions and decisions by the Alibaba Board of Directors:

To promote efficient strategic coordination and high-intensity resource allocation in the group's core e-commerce-related sectors, Alibaba CEO and Taotian Group Chairman Wu Yongming will also serve as Taotian Group CEO.

To optimize the return on capital and enhance shareholder value, the Group Capital Management Committee has authorized the establishment of an asset management company. Dai Shan will assist the group in establishing Alibaba and forming a professional management team.

In the three months since Wu Yongming took over as Alibaba Group CEO, he has clarified the strategic focus and priority choices for the entire group, made resolute decisions regarding the core business, and promoted the rejuvenation of the management team. With Wu Yongming concurrently serving as the top executive of Alibaba Cloud and Taotian, it will help lead Taotian's transformation through technological innovation and ensure unified command and sustained high-intensity investment in the two strategic focuses of e-commerce and cloud for the group. Going forward, we will fully utilize the young management team that has been trained at the grassroots level and has shown promise, creating an innovative environment for young people.

As one of the 18 founding members of Alibaba, Dai Shan has been working on the front lines of the company for over 20 years, dedicating tremendous effort to the establishment and growth of the company. In the process of Taotian Group's comprehensive return to users, the internet, and the versatile Taobao, Dai Shan has completed her mission. The preparation of the group's asset management company is a new business function after Alibaba's transformation, requiring pioneering spirit and strong organizational capabilities. Dai Shan will fully leverage her expertise to continue creating value for the company.

The above adjustments take effect immediately.

Let us embark on the journey of entrepreneurship together. In the future, we will be proud of today's transformation. Go Alibaba!

Cai Chongxin

Alibaba Board Chairman

December 20, 2023