Alibaba Adjusts Conversion Rate for Convertible Senior Notes

Alibaba announced an adjustment to the conversion rate of its convertible senior notes due to the declaration of the 2024 dividend. The initial conversion rate has been adjusted from 9.5202 ADSs per $1,000 principal amount to 9.7271 ADSs. The maximum conversion rate has also been adjusted from 12.3762 ADSs to 12.6452 ADSs per $1,000 principal amount, effective June 13.

As a result, the maximum number of ordinary shares, including ADSs, that Alibaba may issue upon full conversion of the notes increased from 495 million to 506 million shares. Alibaba has applied to the Hong Kong Stock Exchange for listing and permission to deal in these additional shares.