On September 16, 2025, Alibaba Group Holding Limited (“Alibaba”, NYSE: BABA; HKEX: 9988 (HKD counter)/89988 (RMB counter)) successfully issued zero-coupon convertible bonds due in 2032, with an aggregate principal amount of approximately USD 3.2 billion. These bonds are convertible into American Depositary Shares (ADS) of Alibaba. The offering was conducted as an offshore placement to certain non-U.S. persons outside the United States, in accordance with applicable rules under the U.S. securities laws. Fangda Partners acted as Alibaba’s PRC legal counsel and provided comprehensive legal services throughout the issuance.

The Fangda team was led by partners Jeffrey Ding and Travis Xu. Team members included Cassie Chang, Shirley Li, Jaden Ji, Arial Yuan, and Jasrine Sun.