Alibaba (NYSE: BABA) CFO Xu Hong details RSU grants and trust-held shares

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Form Type

Rhea-AI Filing Summary

Alibaba Group Holding Ltd Chief Financial Officer Xu Hong filed an initial ownership report on Form 3. The filing lists multiple unvested restricted share unit (RSU) awards tied to Alibaba ordinary shares, some granted in the form of American Depositary Shares (ADSs) and others in ordinary shares.

Each RSU represents a contingent right to receive either one ADS, with each ADS representing 8 ordinary shares, or one ordinary share, depending on the award. The RSUs vest over multi‑year schedules, including annual and quarterly installments beginning on Apr 1, 2023, Apr 1, 2024, Jul 1, 2024, Aug 14, 2025, Jul 1, 2025 and Sep 25, 2026, subject to the terms and conditions of the underlying award agreements. The filing also shows 657,570 ordinary shares held indirectly by a trust.

Insider Trade Summary

7 transactions reported

Mixed 7 txns

Insider Xu Hong

Role Chief Financial Officer

Type	Security	Shares	Price	Value
holding	Restricted Shares Units	--	--	--
holding	Restricted Shares Units	--	--	--
holding	Restricted Shares Units	--	--	--
holding	Restricted Shares Units	--	--	--
holding	Restricted Shares Units	--	--	--
holding	Restricted Shares Units	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Restricted Shares Units — 2,573,000 shares (Direct); Ordinary Shares — 657,570 shares (Indirect, By trust)

Footnotes (8)

F1. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of American Depository Shares ("ADSs") that vests in four equal annual installments beginning on Apr 1, 2023, subject to the terms and conditions of the underlying award agreement.
F2. Each restricted share unit represents a contingent right to receive one ADS. Each ADS represents 8 ordinary shares. This amount represents the ordinary shares underlying the ADSs in this award.
F3. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ADSs that vests in four equal annual installments beginning on Apr 1, 2024, subject to the terms and conditions of the underlying award agreement.
F4. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ADSs that vests in sixteen equal quarterly installments beginning on Jul 1, 2024, subject to the terms and conditions of the underlying award agreement.
F5. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ADSs that vests in annual installments of 15%, 25%, 30% and 30% beginning on Aug 14, 2025, subject to the terms and conditions of the underlying award agreement.
F6. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ordinary shares that vests in sixteen equal quarterly installments beginning on Jul 1, 2025, subject to the terms and conditions of the underlying award agreement.
F7. Each restricted share unit represents a contingent right to receive one ordinary share.
F8. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ordinary shares that vests in five equal annual installments beginning on Sep 25, 2026, subject to the terms and conditions of the underlying award agreement.

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Accepted by SEC EDGAR 03/18/2026 - 08:22 AM

FAQ

What does Alibaba (BABA) CFO Xu Hong’s Form 3 filing report?

Xu Hong’s Form 3 reports her initial ownership in Alibaba, including several unvested restricted share unit awards and indirect holdings. The awards are tied to Alibaba ordinary shares through ADS-based and ordinary-share-based RSUs, plus ordinary shares held indirectly through a trust.

How many Alibaba (BABA) ordinary shares are held indirectly by trust?

The filing shows 657,570 Alibaba ordinary shares held indirectly by a trust. This trust-held position is reported as indirect ownership, separate from Xu Hong’s RSU awards, and forms part of her overall disclosed equity interest in the company.

How are Xu Hong’s Alibaba (BABA) RSUs structured in the Form 3?

The RSUs are grants that give a contingent right to receive ADSs or ordinary shares. Some awards are in ADS form, where each ADS equals 8 ordinary shares, while others are directly in ordinary shares according to the award’s terms.

What are the vesting schedules for Xu Hong’s Alibaba (BABA) RSU awards?

The RSU awards vest over several years in annual or quarterly installments. Vesting start dates include April 1, 2023 and 2024, July 1, 2024 and 2025, August 14, 2025, and September 25, 2026, subject to each award agreement’s conditions.

Do Xu Hong’s Alibaba (BABA) RSU awards require an exercise price?

The RSU awards shown carry a conversion or exercise price of 0.0000, meaning no cash exercise payment is required. Each vested RSU converts into an ADS or ordinary share according to the specific award’s structure and terms.

What is the relationship between Alibaba (BABA) ADSs and ordinary shares in these awards?

For the ADS-based RSU awards, each restricted share unit converts into one ADS, and each ADS represents 8 ordinary shares. Other RSU awards convert directly into one ordinary share per unit, as specified in the footnotes.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Xu Hong

(Last)

(First)

(Middle)

26/F TOWER ONE, TIMES SQUARE

1 MATHESON STREET, CAUSEWAY BAY

(Street)

HONG KONG

00000

(City)

(State)

(Zip)

HONG KONG

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Alibaba Group Holding Ltd [ BABA ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	657,570	I	By trust

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Shares Units	⁽¹⁾	⁽¹⁾	Ordinary Shares⁽²⁾	62,000⁽¹⁾⁽²⁾	⁽²⁾	D
Restricted Shares Units	⁽³⁾	⁽³⁾	Ordinary Shares⁽²⁾	80,000⁽²⁾⁽³⁾	⁽²⁾	D
Restricted Shares Units	⁽⁴⁾	⁽⁴⁾	Ordinary Shares⁽²⁾	90,000⁽²⁾⁽⁴⁾	⁽²⁾	D
Restricted Shares Units	⁽⁵⁾	⁽⁵⁾	Ordinary Shares⁽²⁾	1,224,000⁽²⁾⁽⁵⁾	⁽²⁾	D
Restricted Shares Units	⁽⁶⁾	⁽⁶⁾	Ordinary Shares⁽⁷⁾	117,000⁽⁶⁾	⁽⁷⁾	D
Restricted Shares Units	⁽⁸⁾	⁽⁸⁾	Ordinary Shares⁽⁷⁾	1,000,000⁽⁸⁾	⁽⁷⁾	D

Explanation of Responses:

1. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of American Depository Shares ("ADSs") that vests in four equal annual installments beginning on Apr 1, 2023, subject to the terms and conditions of the underlying award agreement.

2. Each restricted share unit represents a contingent right to receive one ADS. Each ADS represents 8 ordinary shares. This amount represents the ordinary shares underlying the ADSs in this award.

3. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ADSs that vests in four equal annual installments beginning on Apr 1, 2024, subject to the terms and conditions of the underlying award agreement.

4. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ADSs that vests in sixteen equal quarterly installments beginning on Jul 1, 2024, subject to the terms and conditions of the underlying award agreement.

5. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ADSs that vests in annual installments of 15%, 25%, 30% and 30% beginning on Aug 14, 2025, subject to the terms and conditions of the underlying award agreement.

6. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ordinary shares that vests in sixteen equal quarterly installments beginning on Jul 1, 2025, subject to the terms and conditions of the underlying award agreement.

7. Each restricted share unit represents a contingent right to receive one ordinary share.

8. Reflects the outstanding unvested portion of a restricted share unit award granted in the form of ordinary shares that vests in five equal annual installments beginning on Sep 25, 2026, subject to the terms and conditions of the underlying award agreement.

	/s/ Kevin Jinwei Zhang, as Attorney-in-Fact for Toby Hong Xu	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR