Recently, in order to highlight the independent development of main and non main businesses, each performing its own duties and improving operational efficiency, Alibaba (China) Network Technology Co., Ltd. (referred to as "Alibaba Network") has decided to implement a separation of existence, namely the separation into Alibaba Network (the surviving company) and newly established companies - Hangzhou Haoyue Enterprise Management Co., Ltd. (referred to as "Hangzhou Haoyue"), Chuanbin Technology (Hangzhou) Co., Ltd Chuanhang Technology (Hangzhou) Co., Ltd.
According to the separation plan and exchange rules, the original entity Alibaba Network will transfer some A-share listed companies to the newly established entity Hangzhou Haoyue in a form that meets the exchange's requirements, that is, the relevant listed company shares held by the original Alibaba Network will be inherited by the newly established entity Hangzhou Haoyue after the separation. Before and after the transfer, Alibaba's shareholding in the above-mentioned A-share listed companies did not change.