Core Viewpoint - Alibaba is adjusting the conversion rate of its convertible preferred notes maturing in 2031, increasing the conversion from 9.7271 American depositary shares per $1,000 principal amount to 9.8915 shares, effective from June 12, 2025 [1]. Group 1 - The conversion rate adjustment applies to the 2024 notes [1]. - The new conversion rate reflects an increase in the number of shares received per $1,000 principal amount [1].