Alibaba adjusts conversion rate of 2024 convertible senior notes

Alibaba Group Holding (HKEX:9988) has adjusted the conversion rate for its 2024 convertible senior notes due 2031, as disclosed in its announcement today. The adjustment, triggered by the declaration of annual and one-time dividends for fiscal year 2025, changes the rate from 9.7271 American depositary shares (ADSs) to 9.8915 ADSs per US$1,000 principal amount. The maximum conversion rate, incorporating make-whole adjustments for certain corporate events, is revised from 12.6452 ADSs to 12.8589 ADSs per US$1,000 principal amount. Consequently, the maximum number of ordinary shares issuable upon full conversion of the notes increases from 505,808,000 to 514,360,000. The Hong Kong Stock Exchange has been approached for the listing of these additional shares. The adjustment became effective June 12, 2025, and all other terms and conditions of the 2024 Notes remain unchanged.