Joseph Tsai: Alibaba has returned to the top track of China's e-commerce companies, waiting patiently for the right time to push for the listing of Cainiao and others.

Recently, Alibaba's Chairman Joseph Tsai stated that Alibaba's stock performance has been unsatisfactory in the past few years, mainly due to competitive pressures and the impact of macroeconomic, regulatory, and geopolitical factors. Tsai mentioned that after a period of pressure, BABA-SWR has returned to the top tier of China's e-commerce companies. With the restructuring of the organization and the new management team in place, BABA-SWR is more confident in its ability to become one of China's top e-commerce enterprises. Although not as confident as before and feeling the pressure of competition, now "BABA-SWR is back." Alibaba's recent group restructuring is focused on improving performance, and Tsai is confident that the group is returning to the track to become one of the industry leaders. He expects that the penetration rate of e-commerce in China will exceed 40% in the next 5 years, significantly higher than the current level of 30%. Last November, Alibaba halted the listing plan of its cloud intelligence group due to the U.S. expanding restrictions on the export of advanced computing chips. Tsai pointed out that with the recent poor market performance, it would be more reasonable to proceed with the BABA-SWR cloud spin-off if the market sentiment improves and investor sentiment is positive. As for Cainiao, which has already submitted an application for listing in Hong Kong, he mentioned that the current market performance is not satisfactory, and the company is still waiting for a better opportunity.