Alibaba Group appoints two independent directors with strengthened corporate governance

HONG KONG–(BUSINESS WIRE)–Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, the “Company”) announces that Irene Yun-Lien Lee, Chairman of Hysan Development Company Limited, and Albert Kong Ping Ng, Former Chairman of Ernst & Young China, have been appointed independent directors to the Company’s Board of Directors, effective August 4, 2022. The new appointments demonstrate the Company’s commitment to excellence in corporate governance and diversity at the corporate level. advice.

Following these appointments, the Board of Directors of the Company is currently composed of twelve directors, including seven independent directors. The number of women members of the board of directors increases to three.

“I am delighted to welcome Ms. Lee and Mr. Ng to Alibaba’s Board of Directors. The new appointments of independent board members are part of Alibaba’s continued improvement of our corporate governance. Irene and Albert are both respected leaders with invaluable understanding and experience in global markets, including mainland China and Hong Kong. I believe Alibaba will benefit greatly from their insight, especially in light of our plans for dual primary listings in Hong Kong to further broaden and diversify our investor base,” said Daniel Zhang, Chairman and CEO of Alibaba Group. .

“Alibaba is one of the most exciting and innovative companies of this generation and I am honored to serve on its board,” said Irene Yun-Lien Lee. “My career focus has been on creating a deep connection with consumers by curating premier physical destinations where people come to work, shop and play. I’m thrilled to join Alibaba, whose mission is to facilitate business relationships with anyone, anywhere.

“I am delighted to join the board of directors of a company that combines such distinguished Chinese origins and global outlook,” said Albert Ng. “As Alibaba seeks to add Hong Kong as another primary listing location, I hope my experiences in Hong Kong and Greater China’s capital market can be applied to the company’s pursuit of excellence. .”

Mr. Chee Hwa Tung, an independent director of the Company, will not seek re-election after his current term, which will expire at the annual meeting of shareholders of the Company to be held later this year. Mr. Tung has served as an independent director on the Company’s Board of Directors since September 2014.

“We would like to express our deepest gratitude to Mr. Tung for his invaluable contributions and full support to Alibaba, which exemplified the highest standards of service and commitment,” Zhang said.

About Irene Lee

Irene Lee has been Executive Chairman of Hysan Development Company Limited, a Hong Kong Stock Exchange listed company, since March 2012. Previously, she was Non-Executive Chairman of Hysan from May 2011 to March 2012 and Non-Executive Director from March 2011 until in May 2011. Ms. Lee is currently the Independent Non-Executive Chairman of Hang Seng Bank Limited, a company listed on the Hong Kong Stock Exchange. She is also a director of various private and unlisted companies. Previously, Ms Lee was Executive Director of Citicorp Investment Bank Limited in New York, London and Sydney, and Head of Corporate Finance at Commonwealth Bank of Australia and Managing Director of Sealcorp Holdings Limited, both based in Sydney. In addition, she was until April 2022 an independent director of HSBC Holdings plc and has also served as a director of a number of public companies. Ms Lee graduated with a Bachelor of Arts from Smith College and is a solicitor in England and Wales and a Fellow of the Honorable Society of Gray’s Inn, UK.

About Albert Ng

Albert Ng is currently an independent non-executive director and chairman of the audit committee of a number of public companies, including Ping An Insurance (Group) Company of China, Ltd., a company listed on the Shanghai Stock Exchange and the Stock Exchange from Hong Kong. Stock Exchange, Beijing Airdoc Technology Co., Ltd., a company listed on the Hong Kong Stock Exchange, and China International Capital Corporation Limited, a company listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. Mr. Ng worked at Ernst & Young China from April 2007 to June 2020, where he served as President of Ernst & Young China and a member of the Ernst & Young Global Board of Directors. Prior to joining Ernst & Young, he was Managing Partner for Greater China of Arthur Andersen, Managing Partner – China Operations of PricewaterhouseCoopers and Managing Director of Citigroup – China Investment Banking. Mr. Ng is the President of the Hong Kong China Chamber of Commerce. Mr. Ng is also a member of the Audit Committee of the Chinese University of Hong Kong, Shenzhen, and a board member of the Education Foundation of the Chinese University of Hong Kong, Shenzhen. Mr. Ng is a member of the Hong Kong Institute of Certified Public Accountants (HKICPA), Chartered Accountants of Australia and New Zealand (CAANZ), CPA Australia (CPAA) and Association of Chartered Certified Accountants (ACCA). He earned a bachelor’s degree in business administration and a master’s degree in business administration from the Chinese University of Hong Kong.

About Alibaba Group

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. He foresees that his customers will meet, work and live at Alibaba, and it will be a good business that will last for 102 years.

Margie D. Carlisle