0001104659-21-010913.txt : 20210202 0001104659-21-010913.hdr.sgml : 20210202 20210202161110 ACCESSION NUMBER: 0001104659-21-010913 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 137 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20210202 DATE AS OF CHANGE: 20210202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Alibaba Group Holding Ltd CENTRAL INDEX KEY: 0001577552 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36614 FILM NUMBER: 21581565 BUSINESS ADDRESS: STREET 1: 26/F TOWER ONE STREET 2: TIMES SQUARE, 1 MATHESON STREET CITY: CAUSEWAY BAY STATE: K3 ZIP: 00000 BUSINESS PHONE: 852-2215-5100 MAIL ADDRESS: STREET 1: 26/F TOWER ONE STREET 2: TIMES SQUARE, 1 MATHESON STREET CITY: CAUSEWAY BAY STATE: K3 ZIP: 00000 6-K 1 baba-20200331x6k.htm 6-K
We are furnishing this Current Report on Form 6-K (this "Form 6-K") to reflect changes to the presentation of our financial information as set forth in our Annual Report on Form 20-F for the fiscal year ended March 31, 2020 (the "2020 Form 20-F"), as filed with the Securities and Exchange Commission (the "SEC") on July 9, 2020. The information in this Form 6-K is not an amendment to the 2020 Form 20-F or a restatement of the financial statements included therein. As previously disclosed in our Current Report on Form 6-K, originally furnished to the SEC on August 20, 2020, and our Current Report on Form 6-K, originally furnished to the SEC on November 5, 2020, we reclassified the results of our self-developed online games business, which was previously reported under the innovation initiatives and others segment, to the digital media and entertainment segment because our self-developed online games business has moved beyond the incubation stage. This reclassification conforms to the way that we manage and monitor segment performance. In addition, as previously disclosed in our Current Report on Form 6-K, originally furnished to the SEC on November 5, 2020, we grouped our commission revenue as previously reported into customer management revenue in order to better reflect our value proposition to merchants on our platforms. Customer management revenue, which now includes commission revenue, will continue to be reported under our China commerce retail business within the core commerce segment. All information presented has been recast to reflect these changes. Portions of the following items from the 2020 Form 20-F have been updated and superseded to reflect these changes: Part I, Item 5. Operating and Financial Review and Prospects – A. Operating Results (furnished as Exhibit 99.1) and Part III, Item 18. Financial Statements (furnished as Exhibit 99.2). No items in the 2020 Form 20-F other than those identified above are being updated by this Form 6-K. Information in the 2020 Form 20-F is generally stated as of March 31, 2020 and this Form 6-K does not reflect any subsequent information or events other than the changes noted above. Without limiting the foregoing, this Form 6-K does not purport to update the Operating and Financial Review and Prospects contained in the 2020 Form 20-F for any information, uncertainties, transactions, risks, events, or trends occurring, or known to management, other than the events described above. For a discussion of events and developments subsequent to the filing of the 2020 Form 20-F, please refer to our SEC filings and furnishings since that date. This Form 6-K should be read in conjunction with the 2020 Form 20-F, and any other documents we have filed with or furnished to the SEC subsequent to July 9, 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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

February 2, 2021

Commission File Number: 001-36614

Alibaba Group Holding Limited

(Registrant’s name)

26/F Tower One, Times Square

1 Matheson Street

Causeway Bay

Hong Kong

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7):

INCORPORATION BY REFERENCE

Exhibit 99.1 and Exhibit 99.2 to this current report on Form 6-K are incorporated by reference into: (1) the Registration Statement on Form F-3 and the related prospectus supplement to be filed by Alibaba Group Holding Limited (“we,” “us,” “our” and the “Company”) with the Securities and Exchange Commission on or around the date hereof; and (2) our Registration Statements on Form S-8 (No. 333-199133, No. 333-214595, No. 333-219292, No. 333-226521, No. 333-233794 and No. 333-248584) and Form F-3 (No. 333-234662).

EXPLANATORY NOTE

We are furnishing this Current Report on Form 6-K (this “Form 6-K”) to reflect changes to the presentation of our financial information as set forth in our Annual Report on Form 20-F for the fiscal year ended March 31, 2020 (the “2020 Form 20-F”), as filed with the Securities and Exchange Commission (the “SEC”) on July 9, 2020. The information in this Form 6-K is not an amendment to the 2020 Form 20-F or a restatement of the financial statements included therein.

As previously disclosed in our Current Report on Form 6-K, originally furnished to the SEC on August 20, 2020, and our Current Report on Form 6-K, originally furnished to the SEC on November 5, 2020, we reclassified the results of our self-developed online games business, which was previously reported under the innovation initiatives and others segment, to the digital media and entertainment segment because our self-developed online games business has moved beyond the incubation stage. This reclassification conforms to the way that we manage and monitor segment performance.

In addition, as previously disclosed in our Current Report on Form 6-K, originally furnished to the SEC on November 5, 2020, we grouped our commission revenue as previously reported into customer management revenue in order to better reflect our value proposition to merchants on our platforms. Customer management revenue, which now includes commission revenue, will continue to be reported under our China commerce retail business within the core commerce segment.

All information presented has been recast to reflect these changes. Portions of the following items from the 2020 Form 20-F have been updated and superseded to reflect these changes: Part I, Item 5. Operating and Financial Review and Prospects – A. Operating Results (furnished as Exhibit 99.1) and Part III, Item 18. Financial Statements (furnished as Exhibit 99.2).

No items in the 2020 Form 20-F other than those identified above are being updated by this Form 6-K. Information in the 2020 Form 20-F is generally stated as of March 31, 2020 and this Form 6-K does not reflect any subsequent information or events other than the changes noted above. Without limiting the foregoing, this Form 6-K does not purport to update the Operating and Financial Review and Prospects contained in the 2020 Form 20-F for any information, uncertainties, transactions, risks, events, or trends occurring, or known to management, other than the events described above. For a discussion of events and developments subsequent to the filing of the 2020 Form 20-F, please refer to our SEC filings and furnishings since that date.

This Form 6-K should be read in conjunction with the 2020 Form 20-F, and any other documents we have filed with or furnished to the SEC subsequent to July 9, 2020.

EXHIBITS

Exhibit 23.1 –

    

Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm

Exhibit 99.1 –

Updated Part I, Item 5. Operating and Financial Review and Prospects – A. Operating Results, from the Company’s Annual Report on Form 20-F for the fiscal year ended March 31, 2020, as filed with the Securities and Exchange Commission on July 9, 2020

Exhibit 99.2 –

Updated Part III, Item 18. Financial Statements, from the Company’s Annual Report on Form 20-F for the fiscal year ended March 31, 2020, as filed with the Securities and Exchange Commission on July 9, 2020

EX-101.INS

XBRL Taxonomy Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL Taxonomy Calculation Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.LAB

XBRL Taxonomy Label Linkbase Document

EX-101.PRE

XBRL Taxonomy Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ALIBABA GROUP HOLDING LIMITED

Date: February 2, 2021

By:

/s/ Timothy A. Steinert

Name:

Timothy A. Steinert

Title:

Company Secretary

EX-23.1 2 baba-20200331xex23d1.htm EXHIBIT-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-199133, No. 333-214595, No. 333-219292, No. 333-226521, No. 333-233794 and No. 333-248584) and Form F-3 (333-234662) of Alibaba Group Holding Limited of our report dated July 9, 2020, except with respect to our opinion on the consolidated financial statements insofar as it relates to the effects of the change in the presentation of segment information as discussed in Note 5 and Note 26, as to which the date is February 2, 2021, relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 6-K.

/s/ PricewaterhouseCoopers

Hong Kong, February 2, 2021


EX-99.1 3 baba-20200331xex991.htm EXHIBIT 99.1

Exhibit 99.1

ITEM 5.    OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Note: The information contained in this item has been updated to reflect changes to the presentation of our financial information. This item has not been updated for other changes since the filing of the 2020 Form 20-F. For a discussion of events and developments subsequent to the filing of the 2020 Form 20-F, please refer to our SEC filings and furnishings since that date.

A.   Operating Results

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included in this annual report and in particular, “Item 4. Information on the Company — B. Business Overview.” This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Item 3. Key Information — D. Risk Factors” and elsewhere in this annual report. We have prepared our financial statements in accordance with U.S. GAAP. Our fiscal year ends on March 31 and references to fiscal years 2018, 2019 and 2020 are to the fiscal years ended March 31, 2018, 2019 and 2020, respectively.

Overview

We achieved significant growth and strong operating results in fiscal year 2020. Our total revenue increased by 51% from RMB250,266 million in fiscal year 2018 to RMB376,844 million in fiscal year 2019, and further increased by 35% to RMB509,711 million (US$71,985 million) in fiscal year 2020. Our net income increased by 31% from RMB61,412 million in fiscal year 2018 to RMB80,234 million in fiscal year 2019, and further increased by 75% to RMB140,350 million (US$19,821 million) in fiscal year 2020.

Our non-GAAP net income, which excludes the effect of disposal and revaluation gains, share-based compensation and certain other items, increased by 12% from RMB83,214 million in fiscal year 2018 to RMB93,407 million in fiscal year 2019, and further increased by 42% to RMB132,479 million (US$18,710 million) in fiscal year 2020. For further information on non-GAAP financial measures we use in evaluating our operating results and for financial and operational decision-making purposes, see “Item 3. Key Information — A. Selected Financial Data — Non-GAAP Measures.”

Our Operating Segments

We organize and report our business in four operating segments:

Core commerce;
Cloud computing;
Digital media and entertainment; and
Innovation initiatives and others.

This presentation reflects how we manage our business to maximize efficiency in allocating resources. This presentation also provides further transparency to our various businesses that are executing different phases of growth and operating leverage trajectories.

We present segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, and are allocated, to each segment. We allocate costs and expenses that are not directly attributable to individual segments, such as those that support infrastructure across different operating segments, to different operating segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses.

1

In discussing the operating results of these four segments, we present each segment’s revenue, income from operations and adjusted earnings before interest, taxes and amortization, or adjusted EBITA.

Our reported segments are described below:

Core commerce. The core commerce segment is comprised of platforms operating in retail and wholesale commerce in China, retail and wholesale commerce – cross-border and global, logistics services, local consumer services and others.
Cloud computing. The cloud computing segment is comprised of Alibaba Cloud, which offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large scale computing, security, management and application services, big data analytics, a machine learning platform and IoT services.
Digital media and entertainment. The digital media and entertainment businesses leverage our deep data insights to serve the broader interests of consumer through our key distribution platform, Youku, and through Alibaba Pictures and our other diverse content platforms that provide online videos, films, live events, news feeds, literature and music, among other areas.
Innovation initiatives and others. The innovation initiatives and others segment includes businesses such as Amap, DingTalk, Tmall Genie and others.

The table below sets forth supplemental financial information of our reported segments for fiscal year 2020:

Year ended March 31, 2020

Digital media

Innovation

Core

Cloud

and

initiatives

commerce

computing

entertainment(1)

and others(1)

Unallocated(2)

Consolidated

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in millions, except percentages)

Revenue

 

436,104

 

40,016

 

29,094

 

4,497

 

 

509,711

 

71,985

Income (loss) from operations

 

138,631

 

(7,016)

 

(15,389)

 

(12,499)

 

(12,297)

 

91,430

 

12,912

Add: Share-based compensation expense

 

15,427

 

5,577

 

2,566

 

3,928

 

4,244

 

31,742

 

4,483

Add: Amortization and impairment of intangible assets

 

11,742

 

25

 

1,377

 

86

 

158

 

13,388

 

1,891

Add: Impairment of goodwill

 

 

 

 

 

576

 

576

 

81

Adjusted EBITA

 

165,800

 

(1,414)

 

(11,446)

 

(8,485)

 

(7,319)

 

137,136

 

19,367

Adjusted EBITA margin

 

38%

(4)%

(39)%

(189)%

  

 

27%

  

(1)Beginning on April 1, 2020, we reclassified the results of our self-developed online games business, which was previously reported under the innovation initiatives and others segment, to the digital media and entertainment segment because it has moved beyond the incubation stage. This reclassification conforms to the way that we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.
(2)Unallocated expenses are primarily related to corporate administrative costs and other miscellaneous items that are not allocated to individual segments.

Our Monetization Model

Our marketplaces and businesses are highly synergetic which create a digital economy that enables consumers, merchants, brands, retailers, other businesses, third party service providers and strategic partners to interconnect and interact with each other. We leverage our leading technologies to provide various value propositions to participants in our digital economy and realize monetization by offering different services and creating value under each of our business segments.

2

We derive most of our revenue from our core commerce segment, which accounted for 86%, 86% and 86% of our total revenue in fiscal year 2018, 2019 and 2020, respectively, while cloud computing, digital media and entertainment, and innovation initiatives and others contributed in aggregate 14%, 14% and 14% in fiscal year 2018, 2019 and 2020, respectively.

The following table sets forth the principal components of our revenue for the periods indicated:

Year ended March 31,

 

2018

2019

2020

 

    

    

% of

    

    

% of

    

    

    

% of

 

RMB

revenue

RMB

revenue

RMB

US$

revenue

 

(in millions, except percentages)

 

Core commerce:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

China commerce retail

 

176,559

 

71%

247,615

 

66%

332,750

 

46,993

 

65%

China commerce wholesale

 

7,164

 

3%

9,988

 

3%

12,427

 

1,755

 

3%

International commerce retail

 

14,216

 

6%

19,558

 

5%

24,323

 

3,435

 

5%

International commerce wholesale

 

6,625

 

2%

8,167

 

2%

9,594

 

1,355

 

2%

Cainiao logistics services

 

6,759

 

3%

14,885

 

4%

22,233

 

3,140

 

4%

Local consumer services

 

 

18,058

 

5%

25,440

 

3,593

 

5%

Others

 

2,697

 

1%

5,129

 

1%

9,337

 

1,319

 

2%

Total core commerce

 

214,020

 

86%

323,400

 

86%

436,104

 

61,590

 

86%

Cloud computing

 

13,390

 

5%

24,702

 

7%

40,016

 

5,651

 

8%

Digital media and entertainment(1)

 

19,564

 

8%

24,286

 

6%

29,094

 

4,109

 

5%

Innovation initiatives and others(1)

 

3,292

 

1%

4,456

 

1%

4,497

 

635

 

1%

Total

 

250,266

 

100%

376,844

 

100%

509,711

 

71,985

 

100%

(1)Beginning on April 1, 2020, we reclassified revenue from our self-developed online games business, which was previously reported under the innovation initiatives and others segment, as revenue from digital media and entertainment segment because it has moved beyond the incubation stage. This reclassification conforms to the way that we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.

Our monetization and profit model primarily consists of the following elements:

Core Commerce

Our core commerce segment is primarily comprised of our China commerce retail, China commerce wholesale, retail commerce – cross-border and global, wholesale commerce – cross-border and global, logistics services, local consumer services and others. The marketplaces of our core commerce business attract and retain a large number of consumers and merchants. We primarily generate revenue from merchants.

China Commerce Retail

We generate revenue from merchants by leveraging our data technology and consumer insights which enable brands and merchants to attract, retain and engage consumers, complete transactions, improve their branding, enhance operating efficiency, and offer various services.

3

The revenue model of our China commerce retail business is primarily performance-based marketing services that are typically set by market-based bidding systems. Revenue from this model primarily consists of customer management revenue, commission and other revenue. The following table sets forth the revenue from our China commerce retail business, in absolute amounts and as percentages of our total revenue, for the fiscal years presented:

Year ended March 31,

 

2018

2019

2020

 

    

    

% of

    

    

% of

    

    

    

% of

 

RMB

revenue

RMB

revenue

RMB

US$

revenue

 

(in millions, except percentages)

 

China commerce retail

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Customer management(1)

 

160,810

 

65%

207,531

 

55%

246,482

 

34,810

 

48%

Others

 

15,749

 

6%

40,084

 

11%

86,268

 

12,183

 

17%

Total

 

176,559

 

71%

247,615

 

66%

332,750

 

46,993

 

65%

(1)Subsequent to March 31, 2020, we presented our commission revenue as part of customer management revenue in order to better reflect our value proposition to merchants on our platforms. Comparative figures were presented in the same manner accordingly.

Customer management

We derive a majority of our China commerce retail revenue from customer management, which primarily consists of:

P4P marketing services, where merchants primarily bid for keywords that match product or service listings appearing in search results through our online auction system on a cost-per-click, or CPC, basis. Whether and where the listing will be displayed, and the corresponding prices for the display are determined by the algorithm of our online auction system based on a number of factors with various weights and through a market-based bidding mechanism.
In-feed marketing services, where merchants primarily bid to market to groups of consumers with similar profiles that match product or service listings appearing in browser results through our online auction system on a cost-per-click, or CPC, basis. Whether and where the listing will be displayed, and the corresponding prices for the display are determined by the algorithm of our online auction system based on a number of factors with various weights and through a market-based bidding mechanism.
Display marketing services, where merchants bid for display positions at fixed prices or prices established by a market-based bidding system on a cost-per-thousand impression, or CPM, basis.

In addition to the above-mentioned P4P marketing services, in-feed marketing services and display marketing services directly provided on our marketplaces, we also provide these services through collaboration with other third-party marketing affiliates. These third parties are primarily third-party online media, such as search engines, news feeds and video entertainment websites and mobile apps. These third-party online media enter into agreements with us to connect their designated online resources to our online auction system so that the merchants’ listings or other marketing information can be displayed on those third-party online resources.

Commissions on transactions, where merchants pay a commission based on a percentage of transaction value generated on Tmall and certain other marketplaces. The commission percentages typically range from 0.3% to 5.0% depending on the product category.

4

Taobaoke program, where we collaborate with shopping guide platforms, medium- and small-sized websites and mobile apps, individuals and other third parties, collectively “Taobaokes,” to offer marketing services. Taobaokes display the marketing information of our merchants on their media which facilitate our merchants to market and transact. Merchants pay commissions to the Taobaokes based on a percentage of transaction value generated from users under the Taobaoke program. Commissions to the Taobaokes are set by the merchants.

Others

Other revenue from our China commerce retail is primarily generated by our New Retail and direct sales businesses, mainly Freshippo, Tmall Supermarket, direct import and Intime, and primarily consists of revenue from product sales, commissions on transactions and software service fees.

China Commerce Wholesale

We generate revenue from our China commerce wholesale business primarily through membership fees, value-added services and customer management services. Revenue from membership fees are primarily fixed annual fees from the sale of China TrustPass memberships for paying members to reach customers, provide quotations and transact. Paying members may also purchase additional value-added services, such as premium data analytics and upgraded storefront management tools, the prices of which are determined based on the types and duration of the value-added services. Revenue from customer management services is primarily derived from P4P marketing services.

International Commerce Retail

We generate revenue from our international commerce retail businesses primarily through direct sales, commissions, logistics and customer management services from Lazada and AliExpress. Merchants pay a commission based on a percentage of the transaction value they generate, mainly on AliExpress. The commissions on AliExpress are typically 5% to 8% of the transaction value. In addition, we generate revenue from logistics services provided by Lazada and customer management services, primarily from AliExpress’s collaboration with third-party websites and mobile apps.

International Commerce Wholesale

We generate revenue from our wholesale commerce – cross-border and global primarily through membership fees, value-added services and customer management services. Revenue from membership fees are primarily fixed annual fees from the sale of Gold Supplier memberships for paying members to reach customers, provide quotations and transact. Revenue from value-added services primarily consists of fees for services such as customs clearance services, the prices of which are determined based on the types, usage and duration of the value-added services. Revenue from customer management services is primarily derived from P4P marketing services.

Logistics Services

We charge merchants and third-party logistics service providers fees based on the number of contracted orders completed and other value-added services we provide.

Local Consumer Services

We generate revenue from local consumer services primarily through platform commissions and on-demand delivery service fees by Ele.me.

Cloud Computing

We primarily generate cloud computing revenue from enterprise customers based on the duration and usage of the services.

5

Digital Media and Entertainment

Revenue from digital media and entertainment business is primarily comprised of customer management services and membership subscription fees. Customer management services fees are generally generated from businesses and advertising agencies and the monetization model is substantially similar to the customer management services fees for our China commerce retail business. Membership subscription fees are mainly generated from paying consumers.

Innovation Initiatives and Others

In this segment we primarily generate revenue from consumers and enterprise customers. For example, Amap charges a software service fee to enterprise customers, and Tmall Genie generates revenue from product sale. Other revenue includes annual fees payable by Ant Group or its affiliates in relation to the SME loans business that we transferred to Ant Group in February 2015. See “Item 7. Major Shareholders and Related Party Transactions — B. Related Party Transactions — Agreements and Transactions Related to Ant Group and Its Subsidiaries.”

Factors Affecting Our Results of Operations

Our Ability to Create Value for Our Users and Generate Revenue. Our ability to create value for our users and generate revenue is driven by the factors described below:

Number and engagement of consumers. Consumers are attracted to our platforms by the breadth of curated products and services, personalized content and the interactive user experience these platforms offer. Our platforms include a comprehensive selection of product and service offerings as well as engaging content, such as recommendation feeds on our Taobao app and entertainment content on Youku. Consumers enjoy an engaging social experience by interacting with each other and with merchants, brands and key opinion leaders on our platforms. We leverage our data insights to further optimize the relevance of this rich content we provide to our users. The engagement of consumers in our digital economy is affected by our ability to continue to enhance and expand our product and service offerings and improve user experience.
Broader value offered to merchants, brands, retailers and other businesses. Merchants, brands, retailers and other businesses use our products and services to help them reach, acquire and retain customers, build brand awareness and engagement, complete transactions, and enhance their operating efficiency. We offer merchants and retailers a complete suite of services and tools, powered by our consumer insights, to help them effectively engage consumers, efficiently manage their operations and provide a seamless online and offline consumer experience. With our proprietary data and technologies, we also facilitate the digital transformation of traditional merchants and retailers. In addition, we empower businesses of different sizes across various industries through our comprehensive enterprise cloud service offerings.
Empowering data and technology. Our ability to engage consumers and empower merchants, brands, retailers and other businesses is affected by the breadth and depth of our consumer insights, such as the accuracy of our shopping recommendations and of our targeted marketing, and our technology capabilities and infrastructure, such as cloud computing, and our continued ability to develop scalable products and services that adapt to the quickly evolving industry trends and consumer preferences.

6

Operating Leverage of Our Business Model. Our primary business model has significant operating leverage and our digital economy enables us to realize structural cost savings. For example, Taobao Marketplace drives significant traffic to Tmall as Tmall product listings also appear on Taobao Marketplace search result pages. Furthermore, the large number of consumers on our marketplaces attracts a large number of merchants, who become customers for our customer management and storefront services. In addition, the vast consumer base of our digital economy presents cross-selling opportunities across our various platforms. For example, we can offer consumer services, such as Ele.me, and promote our digital media and entertainment services, including Youku, to consumers on our marketplaces. These network effects allow for lower traffic acquisition costs and provide synergies across our businesses.

Our Investment in User Base, Technology, People, Infrastructure, and Innovative Business Model. We have made, and will continue to make, significant investments in our platforms and digital economy to attract consumers and merchants, enhance user experience and expand the capabilities and scope of our platforms. We expect our investments will include expanding our core commerce offerings, implementing our New Retail initiatives, enhancing our cloud computing business, acquiring content and users to further develop our digital media and entertainment business, cultivating innovation initiatives and new technologies as well as executing our globalization strategy. Our operating leverage and margin levels enable us to continue to invest in our people, particularly engineers, scientists and product management personnel, as well as in our technology capabilities and infrastructure. Our investment in the above mentioned new and existing businesses has and will continue to lower our margins but we believe the investment will deliver overall long-term growth.

Strategic Investments and Acquisitions. We have made, and intend to make, strategic investments and acquisitions. We do not make investments and acquisitions for purely financial reasons. Our investment and acquisition strategy is focused on strengthening our digital economy, creating strategic synergies across our businesses, and enhancing our overall value. Our strategic investments and acquisitions may affect our future financial results, including our margins and our net income. For example, we expect that our acquisitions of Kaola, Youku, Lazada and controlling stakes in Cainiao Network and Ele.me and our privatization of Intime will have a negative effect on our financial results, at least in the short term. In addition, some of our acquisitions and investments may not be successful. We have incurred impairment charges in the past and may incur impairment charges in the future.

Recent Investment, Acquisition and Strategic Alliance Activities

In addition to organic growth, we have made, or have entered into agreements to make, strategic investments, acquisitions and alliances that are intended to further our strategic objectives. The financial results for these strategic transactions that were completed are reflected in our operating results beginning with the period of their respective completion. Investments in which we did not obtain control are generally accounted for under the equity method if we have significant influence over the investee through investment in common stock or in-substance common stock. Otherwise, investments are accounted for as investment securities based on our accounting policies over different categories of investments and merger and acquisition activities. For the details of our accounting policies for each category of our investments, see notes 2(d), 2(t) and 2(u) to our audited consolidated financial statements included in this annual report.

We have developed focused investment strategies, targeting to invest, acquire or form alliances that will either complement our existing businesses or drive innovation initiatives. For example, with the acquisition of Kaola, we aim to further implement our globalization strategies and better position us to achieve our vision for 2036. In some cases, we may take staged approach to our investment and acquisition strategy, by beginning with an initial minority investment followed by business cooperation. When the business results, cooperation and the overall relationship established with the management of the investee company show increasing value to our ongoing business strategy, we may increase our investment or acquire the investee company completely.

7

We have funded our strategic acquisitions and investments primarily from cash generated from our operations and through debt and equity financing. Our debt financing primarily consists of unsecured senior notes and bank borrowings, including an aggregate of US$8.0 billion unsecured senior notes issued in November 2014, of which US$3.55 billion was repaid in 2017 and 2019, an additional aggregate US$7.0 billion unsecured senior notes issued in December 2017, a five-year term loan facility of US$4.0 billion drawn down in fiscal year 2017, the maturity of which has been extended to May 2024 in May 2019, as well as a US$5.15 billion revolving credit facility which we have not yet drawn. Going forward, we expect to fund additional investments through cash generated from our operations and through debt and equity financing when opportunities arise in the future. Although we expect our margins to be negatively affected by acquisitions of target companies with lower or negative margins, such as our acquisitions and consolidations of Youku, Lazada, Intime, Cainiao Network, Ele.me and Kaola, we do not expect our investment activities to have any significant negative impact on our liquidity or operations. We believe acquired businesses operating at a loss do not detract from our total value because they bring clear strategic value to us in the long run. However, there can be no assurance that our future financial results would not be materially and adversely affected if our strategic investments and acquisitions are not successful. See “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Industry — Sustained investment in our business, strategic acquisitions and investments, as well as our focus on long-term performance, and on maintaining the health of our digital economy, may negatively affect our margins and our net income” and “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Industry — We face risks relating to our acquisitions, investments and alliances.”

Our significant strategic investments and acquisitions (including those that are under definitive agreement but have not closed) in fiscal year 2020 and the period through the date of this annual report are set forth below. For those investments and acquisitions described below that have not yet closed, there can be no assurance that the closing conditions will be satisfied in a timely manner or at all.

Core Commerce and New Retail

Alibaba Health Information Technology Limited, or Alibaba Health, our consolidated subsidiary that engages in pharmaceutical and healthcare product sales business, establishes Internet healthcare platforms and explores digital health using cloud computing and big data technologies, and is listed on the Hong Kong Stock Exchange. In April 2020, we transferred our business relating to certain pharmaceutical products, medical purpose food products, medical devices, adult products, healthcare products, medical and healthcare services and certain regulated health food products on the Tmall and/or Tmall Global platforms to Alibaba Health for an aggregate consideration of HK$8.1 billion (US$1.0 billion), which was settled through the issuance of approximately 861 million newly issued ordinary shares of Alibaba Health. Upon the completion of this transaction, our equity interest in Alibaba Health increased to approximately 60%.

Meinian Onehealth Healthcare Holdings Co., Ltd., or Meinian, offers health examination, health evaluation, health consulting, and other services and is listed on the Shenzhen Stock Exchange. In November to December 2019, we, together with Ant Group, acquired new and existing shares of Meinian, representing an approximately 14% equity interest in Meinian for a total cash consideration of RMB6,700 million (US$946 million).

HQG, Inc., or Kaola, an import e-commerce platform in China. In September 2019, we acquired a 100% equity interest in Kaola from NetEase, Inc. for an aggregate purchase price of US$1,874 million, comprising cash and approximately 14.3 million of our newly issued ordinary shares (equivalent to approximately 1.8 million ADSs) valued at US$316 million. With this acquisition, we aim to further elevate our import service and experience for Chinese consumers through synergies across the Alibaba digital economy.

Red Star Macalline Group Corporation Limited, or Red Star, a leading home improvement and furnishings shopping mall operator in China that is listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. In May 2019, we completed the subscription of exchangeable bonds issued by the controlling shareholder of Red Star for a cash consideration of RMB4,359 million (US$616 million). The exchangeable bonds have a term of five years and are exchangeable into ordinary shares of Red Star at an initial price of RMB12.28 per share. In addition, we acquired an approximately 2% equity interest in Red Star for a total consideration of HK$447 million (US$58 million).

8

Local Consumer Services

Local Services Holding Limited, or Local Services Holdco, our consolidated subsidiary that operates Ele.me (饿了么), a leading on-demand delivery and local services platform in China, and Koubei, one of China’s leading restaurant and local services guide platforms for in-store consumption. During fiscal year 2020 and through the date of this annual report, we acquired additional equity interest in Local Services Holdco for a cash consideration of US$1,800 million. Upon the completion of these transactions, our equity interest in Local Services Holdco was approximately 73%. Our local consumer services business is an important part of our consumer-facing platform, which leverages our massive consumer base to further penetrate the local consumer services market, increasing our ability to tap into China’s ongoing consumption upgrade.

Cloud Computing

China TransInfo Technology Co., Ltd., or China TransInfo, a China-based smart city infrastructure and service provider that is listed on the Shenzhen Stock Exchange, whose offerings include intelligent transportation operation services. In June 2019, we acquired a 15% equity interest in China TransInfo for a cash consideration of RMB3,595 million (US$508 million).

Logistics

STO Express Co., Ltd., or STO Express, one of the leading express delivery services companies in China that is listed on the Shenzhen Stock Exchange. In March 2019, we made a loan to the controlling shareholder of STO Express with a principal amount of RMB5.0 billion for a term of three years. The controlling shareholder of STO Express has pledged a portion of its equity interest in STO Express in relation to the loan. In July 2019, we acquired a 49% equity interest in an investment vehicle which holds a 29.9% equity interest in STO Express (equivalent to an effective equity interest of approximately 14.7% in STO Express) for a cash consideration of RMB4.7 billion (US$664 million). The investment vehicle was established by the controlling shareholder of STO Express, and we subsequently entered into an option agreement with this controlling shareholder. Under the terms of the agreement, we may elect to acquire an additional effective equity interest of approximately 31.3% in STO Express through exercise of call options for a total consideration of RMB10.0 billion (US$1.4 billion). We can exercise our options to acquire effective equity interests in STO Express at any time during a three-year period beginning on December 28, 2019.

Cainiao Network, our consolidated subsidiary that operates a logistics data platform and global fulfillment network that primarily leverage the capacity and capabilities of logistics partners. In September and November 2019, we purchased additional equity interest in Cainiao Network for a cash consideration of US$3,482 million. In June 2020, we purchased additional equity interest in Cainiao Network for a cash consideration of RMB3,921 million. Upon the completion of these transactions, our equity interest in Cainiao Network increased from approximately 51% to approximately 66%. We expect that Cainiao Network will help enhance the overall logistics experience for consumers and merchants across our digital economy, and enable greater efficiencies and lower costs in the logistics sector in China.

International Expansion

AliExpress Russia Holding Pte. Ltd., or AliExpress Russia Joint Venture, a joint venture set up by us, Mail.ru Group Limited, or Mail.ru Group, a leading Internet company in Russia, Public Joint Stock Company MegaFon, or MegaFon, a Russian mobile telecommunications operator and Joint Stock Company “Managing Company of Russian Direct Investment Fund,” or RDIF, a Russian sovereign wealth fund. In October 2019, we invested approximately US$100 million into the joint venture and contributed our AliExpress Russia businesses into the joint venture. The other shareholders of the joint venture also made cash and non-cash contributions to the joint venture pursuant to the transaction documents. We hold an approximately 56% equity interest and less-than-majority voting rights in the joint venture. In connection with the transaction, we also entered into an option agreement with another shareholder of the joint venture, allowing the transfer of equity interest in the joint venture between us and this shareholder in the future. As part of the transaction, we have also acquired a minority stake in Mail.ru Group. In connection with the establishment of the joint venture, we entered into a strategic cooperation agreement relating to, among other things, traffic and product initiatives.

9

Lazada, our consolidated subsidiary that operates a leading and fast-growing e-commerce platform in Southeast Asia for SMEs, regional and global brands. During fiscal year 2020 and through the date of this annual report, we made additional investments in Lazada amounting to an aggregate of US$2,306 million through acquisition of additional equity and capital injections. Upon the completion of these transactions, we held substantially all of the equity interest in Lazada.

Others

Banma Network Technology Co., Ltd., or Banma, a China-based intelligent car operating system and solution provider. We hold an approximately 36% effective equity interest in Banma on a fully diluted basis through an investment vehicle. In May 2020, we and other shareholders of Banma signed certain agreements relating to the restructuring of Banma, pursuant to which, in exchange for certain non-cash consideration, we will receive additional equity interest in Banma, resulting in an approximately 50% effective equity interest in Banma on a fully diluted basis upon the completion of the restructuring, which is subject to customary closing conditions.

Intangible Assets and Goodwill

When we make an acquisition, consideration that exceeds the fair value of the acquired assets and liabilities is allocated to intangible assets and goodwill. We have and will continue to incur amortization expenses as we amortize intangible assets over their estimated useful life on a straight-line basis. We do not amortize goodwill. We test intangible assets and goodwill periodically or whenever necessary for impairment, and any impairment may materially and adversely affect our financial condition and results of operations. Some of our acquisitions and investments may not be successful, and we may incur impairment charges in the future. It should further be noted that most of our businesses grouped under the digital media and entertainment segment, cloud computing segment, and innovation initiatives and others segment are still in the early stage of development. While these businesses were loss-making for the year ended March 31, 2020, we took a longer term view of the outlook of the businesses in our qualitative goodwill impairment assessments, and concluded that it is more likely than not that the fair value of the reporting units under these segments exceeded their carrying amount. For additional information, see “— Critical Accounting Policies and Estimates — Impairment Assessment on Goodwill and Intangible Assets” and “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Industry — We face risks relating to our acquisitions, investments and alliances.”

10

Components of Results of Operations

Revenue

The following table sets forth the principal components of our revenue for the periods indicated:

Year ended March 31,

 

2018

2019

2020

 

    

    

% of

    

    

% of

    

    

    

% of

 

RMB

revenue

RMB

revenue

RMB

US$

revenue

 

(in millions, except percentages)

 

Core commerce:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

China commerce retail

 

176,559

 

71%

247,615

 

66%

332,750

 

46,993

 

65%

China commerce wholesale

 

7,164

 

3%

9,988

 

3%

12,427

 

1,755

 

3%

International commerce retail

 

14,216

 

6%

19,558

 

5%

24,323

 

3,435

 

5%

International commerce wholesale

 

6,625

 

2%

8,167

 

2%

9,594

 

1,355

 

2%

Cainiao logistics services

 

6,759

 

3%

14,885

 

4%

22,233

 

3,140

 

4%

Local consumer services

 

 

18,058

 

5%

25,440

 

3,593

 

5%

Others

 

2,697

 

1%

5,129

 

1%

9,337

 

1,319

 

2%

Total core commerce

 

214,020

 

86%

323,400

 

86%

436,104

 

61,590

 

86%

Cloud computing

 

13,390

 

5%

24,702

 

7%

40,016

 

5,651

 

8%

Digital media and entertainment(1)

 

19,564

 

8%

24,286

 

6%

29,094

 

4,109

 

5%

Innovation initiatives and others(1)

 

3,292

 

1%

4,456

 

1%

4,497

 

635

 

1%

Total

 

250,266

 

100%

376,844

 

100%

509,711

 

71,985

 

100%

(1)Beginning on April 1, 2020, we reclassified revenue from our self-developed online games business, which was previously reported under the innovation initiatives and others segment, as revenue from digital media and entertainment segment because it has moved beyond the incubation stage. This reclassification conforms to the way that we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.

We generate most of our revenue from our core commerce segment. We also earn revenue from services associated with our cloud computing segment, digital media and entertainment segment as well as innovation initiatives and others segment. A substantial majority of our revenue is attributable to our businesses in China. See “— Our Monetization Model” for additional information regarding our revenue.

Cost of Revenue

The principal components of our cost of revenue include: cost of inventories; logistics costs; expenses associated with the operation of our mobile platforms and websites, such as depreciation and maintenance expenses for our servers and computers, call centers and other equipment, as well as bandwidth and co-location fees; salaries, bonuses, benefits and share-based compensation expense relating to customer service, mobile platform and platform operation personnel as well as payment processing consultants; content acquisition costs paid to third parties and production costs of original content for our online media properties; traffic acquisition costs paid to third-party marketing affiliates either at a fixed price or on a revenue-sharing basis; payment processing fees paid to Alipay or other financial institutions; and other miscellaneous costs.

11

Product Development Expenses

Product development expenses primarily include salaries, bonuses, benefits and share-based compensation expense for research and development personnel and other expenses that are directly attributable to the development of new technologies and products for our businesses, such as the development of the Internet infrastructure, applications, operating systems, software, databases and networks. We expense all of our product development costs as they are incurred.

Sales and Marketing Expenses

Sales and marketing expenses primarily consist of online and offline advertising expenses, promotion expenses, salaries, bonuses, benefits and share-based compensation expense for our employees engaged in sales and marketing functions, and sales commissions paid for membership and user acquisition for our marketplaces and platforms.

General and Administrative Expenses

General and administrative expenses consist mainly of salaries, bonuses, benefits and share-based compensation expense for our management and administrative employees, professional services fees, office facilities, other support overhead costs, provision for doubtful debts on receivables, charitable contributions, as well as non-recurring items, such as settlement of a U.S. federal class action lawsuit.

Interest and Investment Income, Net

Interest and investment income, net mainly consists of interest income, gain or loss on deemed disposals, disposals and revaluation of our long term equity investments and impairment of equity investments. We obtained control over Cainiao Network in fiscal year 2018 and Koubei and Alibaba Pictures in fiscal year 2019. We recognized gains of RMB22.4 billion in fiscal year 2018 and RMB27.8 billion in fiscal year 2019 from the revaluation of our previously held equity interest in Cainiao Network, Koubei and Alibaba Pictures. In fiscal year 2020, we recognized one-time gains of RMB71.6 billion (US$10.1 billion) and RMB10.3 billion (US$1.5 billion) in relation to the receipt of the 33% equity interest in Ant Group and our contribution of the AliExpress Russia business into a joint venture we set up with Russian partners, which resulted in our deconsolidation of these businesses, respectively. The gain related to the 33% equity interest in Ant Group resulted from the transfer of certain intellectual property rights and assets to Ant Group as set forth under the 2014 transaction agreements and the basis difference determined based on our share of Ant Group’s net assets, net of its corresponding deferred tax effect.

Interest Expense

Our interest expense is comprised of interest payments and amortization of upfront fees and incidental charges primarily associated with our US$8.0 billion unsecured senior notes issued in November 2014, of which US$3.55 billion was repaid in 2017 and 2019, the US$4.0 billion five-year term loan facility drawn down in fiscal year 2017 and an additional aggregate of US$7.0 billion unsecured senior notes issued in December 2017. In addition, in April 2017, we obtained a new US$5.15 billion revolving credit facility, which we have not yet drawn as of the date of this annual report. Interest expense in fiscal year 2019 was RMB5,190 million, an increase of 46% compared to RMB3,566 million in fiscal year 2018. The increase was primarily due to an increase in average debt outstanding in fiscal year 2019 as compared to fiscal year 2018, reflecting primarily an additional US$7.0 billion of unsecured senior notes issued in December 2017.

12

Other Income, Net

Other income, net, primarily consists of royalty fees and software technology service fees paid by Ant Group, exchange gain or loss, as well as government grants. Ant Group pays us royalty fees and software technology service fees pursuant to an intellectual property and software technology services agreement, as amended in August 2014, or the 2014 IPLA. Exchange gain or loss, arising from our operations and treasury management activities, recognized in our income statement is largely a result of appreciation or depreciation of RMB, respectively. Government grants primarily relate to grants by central and local governments in connection with our contributions to technology development and investments in local business districts. These grants may not be recurring in nature, and we recognize the income when the grants are received and no further conditions need to be met. Following our receipt of the 33% equity interest in Ant Group in September 2019, the profit share payments, consisting of the abovementioned royalty fee and software technology service fee paid by Ant Group, have terminated. See “Item 7. Major Shareholders and Related Party Transactions — B. Related Party Transactions — Agreements and Transactions Related to Ant Group and Its Subsidiaries — Our Commercial Arrangements with Ant Group and Alipay — Alipay Intellectual Property License and Software Technology Services Agreement” for further information on the arrangements between us and Ant Group.

Income Tax Expense

Our income tax expense is comprised primarily of current tax expense, mainly attributable to certain profitable subsidiaries in China, and deferred tax expense, mainly including withholding tax on dividends to be distributed by our major subsidiaries operating in China.

Taxation

Cayman Islands Tax

Under Cayman Islands law, our company is not subject to income, corporation or capital gains tax, and no withholding tax is imposed upon the payment of dividends.

Hong Kong Profits Tax

Our company’s subsidiaries incorporated in Hong Kong were subject to Hong Kong profits tax at a rate of 16.5% in fiscal years 2018, 2019 and 2020.

PRC Income Tax

Under the PRC Enterprise Income Tax Law, or EIT Law, the standard enterprise income tax rate is 25%.

Entities qualifying as High and New Technology Enterprises enjoy a preferential tax rate of 15%. Entities recognized as Software Enterprises are exempt from the EIT for two years beginning from their first profitable calendar year and are entitled to a 50% reduction in EIT for the following three calendar years. Furthermore, entities recognized as Key Software Enterprises within the PRC national plan enjoy a preferential EIT rate of 10%.

Certain subsidiaries received the above preferential tax treatments during calendar years 2017, 2018, 2019 and 2020. Three of our subsidiaries in China, Alibaba (China) Technology Co. Ltd., Taobao (China) Software Co. Ltd., and Zhejiang Tmall Technology Co. Ltd., which are our wholly-owned entities primarily involved in the operations of wholesale marketplaces, Taobao Marketplace and Tmall, respectively, were recognized as Key Software Enterprises in calendar years of 2017 and 2018 and they were subject to an EIT rate of 10%.

13

Key Software Enterprise (KSE) status is subject to review by the relevant authorities every year and the timing of annual review and notification by the relevant authorities may vary from year to year. The related reduction in tax expense as a result of official notification confirming KSE status is accounted for upon receipt of such notification. The annual review and notification relating to the renewal of the KSE status for the calendar year of 2019 had not yet been obtained as of March 31, 2020. Accordingly, Alibaba (China) Technology Co. Ltd., Taobao (China) Software Co. Ltd. and Zhejiang Tmall Technology Co. Ltd. continued to apply an EIT rate of 15% as High and New Technology Enterprises for the calendar year of 2019.

VAT and Other Levies

Our major PRC subsidiaries are subject to VAT on revenue earned for our services under a national VAT reform program. In general, the applicable VAT rate on the revenue earned for services is 6% with companies entitled to credit VAT paid on certain purchases against VAT on sales. Revenue is recognized net of VAT in our consolidated income statement.

PRC Withholding Tax

Pursuant to the EIT Law, a 10% withholding tax is generally levied on dividends declared by companies in China to their non-resident enterprise investors. A lower withholding tax rate of 5% is applicable for direct foreign investors incorporated in Hong Kong with at least 25% equity interest in the PRC company and meeting the relevant conditions or requirements pursuant to the tax arrangement between mainland China and Hong Kong S.A.R. As the equity holders of our major subsidiaries in China are qualified Hong Kong incorporated companies, our deferred tax liabilities for distributable earnings are calculated at a 5% withholding tax rate. As of March 31, 2020, we have fully accrued the withholding tax on the earnings distributable by all of our subsidiaries in China, except for those being reserved for permanent reinvestment in China of RMB107.2 billion (US$15.1 billion).

Share-based Compensation

We have various equity incentive plans pursuant to which the employees, consultants and directors of our company and/or certain other companies, such as Ant Group, are awarded RSUs, restricted shares or granted options to acquire our ordinary shares. We believe share-based awards are vital to attract, incentivize and retain our employees and consultants. In addition to on-hire grants for new recruits above a specific job level, we also make performance grants on an annual basis and promotion grants on a semi-annual basis to our top performing employees. RSUs and options granted in the above categories are generally subject to a four-year vesting schedule. Depending on the nature and the purpose of the grant, RSUs and options generally vest 25% upon the first anniversary of the vesting commencement date or 50% upon the second anniversary of the vesting commencement date, and thereafter 25% every year. Certain RSUs and options granted to our senior management members are subject to a six-year vesting schedule. We believe share-based awards are the appropriate tool to align the interests of the grantees with those of our shareholders.

14

In addition, since March 2014, Junhan has granted share-based awards linked to the valuation of Ant Group to certain of our employees, and since April 2018 and July 2019, Ant Group has granted RSU awards and share appreciation rights to certain of our employees respectively. The awards granted by Junhan will be settled by Junhan upon disposal of these awards by the holders. The awards granted by Ant Group will be settled by Ant Group upon vesting or exercise of these awards. These awards are generally subject to a four-year vesting schedule as determined by the administrator of the plan. Depending on the nature and the purpose of the grant, these awards generally vest 25% or 50% upon the first or second anniversary of the vesting commencement date, respectively, as provided in the grant agreement, and 25% every year thereafter. Certain awards granted to our senior management members are subject to a six-year vesting schedule. We had no obligation to reimburse Junhan and Ant Group for the cost associated with the awards granted during all the periods presented. In June 2020, the parties entered into equity-based awards grant and settlement agreements pursuant to which the parties will settle with each other the cost associated with the awards that will be granted to each other’s employees. The payment amounts will depend on the relative values of the awards to be granted in the future. See “Item 7. Major Shareholders and Related Party Transactions — B. Related Party Transaction — Agreements and Transactions Related to Ant Group and Its Subsidiaries — Equity-based Award Arrangements.”

We recognized share-based compensation expense of RMB20,075 million, RMB37,491 million and RMB31,742 million (US$4,483 million) in fiscal years 2018, 2019 and 2020, respectively, representing 8%, 10% and 6% of our revenue in those respective periods. The following table sets forth an analysis of share-based compensation expense by function for the periods indicated.

Year ended March 31,

2018

2019

2020

    

RMB

    

RMB

    

RMB

    

US$

(in millions)

Cost of revenue

 

5,505

 

8,915

 

7,322

 

1,034

Product development expenses

 

7,374

 

15,378

 

13,654

 

1,928

Sales and marketing expenses

 

2,037

 

4,411

 

3,830

 

541

General and administrative expenses

 

5,159

 

8,787

 

6,936

 

980

Total

 

20,075

 

37,491

 

31,742

 

4,483

15

Share-based compensation expense decreased in fiscal year 2020 as compared to fiscal year 2019. It was because during fiscal year 2019, Ant Group completed an equity financing at a higher valuation, which required us to recognize the increase in value of these awards. The decrease was partially offset by the general increase in the average fair market value of the awards granted by Alibaba Group, the increase in share-based awards granted by our subsidiaries and the impact arising from the cash settlement of such awards in this year. The following table sets forth an analysis of share-based compensation expense by type of awards:

Year ended March 31,

2018

2019

2020

    

RMB

    

RMB

    

RMB

    

US$

(in millions)

Alibaba Group share-based awards(1)

 

16,870

 

22,727

 

26,216

 

3,703

Ant Group share-based awards granted to our employees(2)

 

2,278

 

12,855

 

1,261

 

178

Others(3)

 

927

 

1,909

 

4,265

 

602

Total share-based compensation expense

 

20,075

 

37,491

 

31,742

 

4,483

(1)This includes awards granted to our employees, employees of Ant Group and other consultants. Awards granted to nonemployees were subject to mark-to-market accounting treatment until March 31, 2019. Beginning on April 1, 2019, we adopted ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” under U.S. GAAP. As a result of adopting this new accounting update, these awards are no longer subject to mark-to-market accounting treatment. Commencing upon the receipt of the 33% equity interest in Ant Group on September 23, 2019, the expense relating to Alibaba Group share-based awards granted to Ant Group employees are recognized in share of results of equity investees.
(2)Awards subject to mark-to-market accounting treatment.
(3)Others primarily relate to share-based awards underlying the equity of our subsidiaries.

The expense arising from share-based awards relating to Ant Group granted to our employees represents a non-cash charge that did not result in any economic costs or equity dilution to our shareholders. We believe that the grant of these equity awards to our employees will encourage mutually beneficial cooperation between us and Ant Group.

We expect that our share-based compensation expense will continue to be affected by changes in the fair value of our shares, our subsidiaries’ share-based awards and the quantity of awards we grant to our employees and consultants in the future. Furthermore, we expect that our share-based compensation expense will continue to be affected by any future changes in the valuation of Ant Group. See “— Critical Accounting Policies and Estimates — Share-based Compensation Expense and Valuation of the Underlying Awards” for additional information regarding our share-based compensation expense.

16

Results of Operations

The following table sets out our consolidated results of operations for the periods indicated:

Year ended March 31,

2018

2019

2020

    

RMB

    

RMB

    

RMB

    

US$

(in millions, except per share data)

Revenue

 

  

 

  

 

  

 

  

Core commerce

 

214,020

 

323,400

 

436,104

 

61,590

Cloud computing

 

13,390

 

24,702

 

40,016

 

5,651

Digital media and entertainment(1)

 

19,564

 

24,286

 

29,094

 

4,109

Innovation initiatives and others(1)

 

3,292

 

4,456

 

4,497

 

635

Total

 

250,266

 

376,844

 

509,711

 

71,985

Cost of revenue

 

(107,044)

 

(206,929)

 

(282,367)

 

(39,878)

Product development expenses

 

(22,754)

 

(37,435)

 

(43,080)

 

(6,085)

Sales and marketing expenses

 

(27,299)

 

(39,780)

 

(50,673)

 

(7,156)

General and administrative expenses

 

(16,241)

 

(24,889)

 

(28,197)

 

(3,982)

Amortization and impairment of intangible assets

 

(7,120)

 

(10,727)

 

(13,388)

 

(1,891)

Impairment of goodwill

 

(494)

 

 

(576)

 

(81)

Income from operations

 

69,314

 

57,084

 

91,430

 

12,912

Interest and investment income, net

 

30,495

 

44,106

 

72,956

 

10,303

Interest expense

 

(3,566)

 

(5,190)

 

(5,180)

 

(731)

Other income, net

 

4,160

 

221

 

7,439

 

1,051

Income before income tax and share of results of equity investees

 

100,403

 

96,221

 

166,645

 

23,535

Income tax expenses

 

(18,199)

 

(16,553)

 

(20,562)

 

(2,904)

Share of results of equity investees

 

(20,792)

 

566

 

(5,733)

 

(810)

Net income

 

61,412

 

80,234

 

140,350

 

19,821

Net loss attributable to noncontrolling interests

 

2,681

 

7,652

 

9,083

 

1,283

Net income attributable to Alibaba Group Holding Limited

 

64,093

 

87,886

 

149,433

 

21,104

Accretion of mezzanine equity

 

(108)

 

(286)

 

(170)

 

(24)

Net income attributable to ordinary shareholders

 

63,985

 

87,600

 

149,263

 

21,080

Earnings per share attributable to ordinary shareholders:(2)

Basic

3.13

4.24

7.10

1.00

Diluted

3.06

4.17

6.99

0.99

Earnings per ADS attributable to ordinary shareholders:(2)

 

  

 

  

 

 

  

Basic

 

25.06

 

33.95

 

56.82

 

8.02

Diluted

 

24.51

 

33.38

 

55.93

 

7.90

(1)Beginning on April 1, 2020, we reclassified revenue from our self-developed online games business, which was previously reported under the innovation initiatives and others segment, as revenue from digital media and entertainment segment because it has moved beyond the incubation stage. This reclassification conforms to the way that we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.
(2)Each ADS represents eight Shares. For the years ended March 31, 2018 and 2019, earnings per share has been retrospectively adjusted for the Share Split that became effective on July 30, 2019.

17

Year ended

March 31,

    

2018

    

2019

    

2020

%

%

%

 

(as percentage of

 

revenue)

Revenue

 

  

 

  

 

  

Core commerce

 

86

 

86

 

86

Cloud computing

 

5

 

7

 

8

Digital media and entertainment

 

8

 

6

 

5

Innovation initiatives and others

 

1

 

1

 

1

Total

 

100

 

100

 

100

Cost of revenue

 

(43)

 

(55)

 

(55)

Product development expenses

 

(9)

 

(10)

 

(9)

Sales and marketing expenses

 

(11)

 

(11)

 

(10)

General and administrative expenses

 

(6)

 

(6)

 

(5)

Amortization and impairment of intangible assets

 

(3)

 

(3)

 

(3)

Impairment of goodwill

 

 

 

Income from operations

 

28

 

15

 

18

Interest and investment income, net

 

12

 

12

 

15

Interest expense

 

(1)

 

(1)

 

(1)

Other income, net

 

1

 

 

1

Income before income tax and share of results of equity investees

 

40

 

26

 

33

Income tax expenses

 

(7)

 

(5)

 

(4)

Share of results of equity investees

 

(8)

 

 

(1)

Net income

 

25

 

21

 

28

Net loss attributable to noncontrolling interests

 

1

 

2

 

1

Net income attributable to Alibaba Group Holding Limited

 

26

 

23

 

29

Accretion of mezzanine equity

 

 

 

Net income attributable to ordinary shareholders

 

26

 

23

 

29

Segment Information for Fiscal Years 2018, 2019 and 2020

The table below sets forth certain financial information of our operating segments for the periods indicated:

Year ended March 31, 2020

    

    

    

Digital media

    

Innovation

    

    

Core

Cloud

and

initiatives

commerce

computing

entertainment(1)

and others(1)

Unallocated(2)

Consolidated

RMB

RMB

RMB

RMB

RMB

RMB

US$

(in millions, except percentages)

Revenue

 

436,104

 

40,016

 

29,094

 

4,497

 

 

509,711

 

71,985

Income (loss) from operations

 

138,631

 

(7,016)

 

(15,389)

 

(12,499)

 

(12,297)

 

91,430

 

12,912

Add: Share-based compensation expense

 

15,427

 

5,577

 

2,566

 

3,928

 

4,244

 

31,742

 

4,483

Add: Amortization and impairment of intangible assets

 

11,742

 

25

 

1,377

 

86

 

158

 

13,388

 

1,891

Add: Impairment of goodwill

 

 

 

 

 

576

 

576

 

81

Adjusted EBITA

 

165,800

 

(1,414)

 

(11,446)

 

(8,485)

 

(7,319)

 

137,136

 

19,367

Adjusted EBITA margin

 

38%

(4)%

(39)%

(189)%

  

 

27%

  

18