Alibaba announces the pricing of HK$12.023 billion interest-free convertible bonds issue.

On July 4th, Alibaba announced on the Hong Kong Stock Exchange that it will privately issue zero-coupon convertible bonds with a total principal amount of HK$12.023 billion, maturing in 2032, with the pricing referencing the common stock of Ali Health listed on the Hong Kong Stock Exchange. The bonds will be offered offshore to non-U.S. persons outside the U.S. The bond issuance is expected to be completed on July 9, 2025, subject to customary closing conditions. The initial exchange ratio for the bonds is approximately 160,513.6 shares of Ali Health for every HK$1,000,000 principal amount of bonds, equivalent to an initial exchange price of HK$6.23 per share of Ali Health. Based on the initial exchange price, and assuming all bonds are exchanged for shares of Ali Health, the initial exchangeable property of the bonds will represent up to approximately 12% of the issued share capital of Ali Health as of May 31, 2025.