Alibaba Group's newly appointed two independent directors said that they continue to improve the level of corporate governance

Cover reporter Meng Mei Ouyang Hongyu

On August 4th, Alibaba announced at the Hong Kong Stock Exchange that Li Yaolian, executive chairman of Hichen Industrial Group Co., Ltd., and former chairman of the Chinese accounting firm, Wu Hongping, were independent directors of the group board of directors. On August 4, 2022, Effective. In response, Zhang Yong, chairman and CEO of Alibaba Group, said that we are honored to welcome Ms. Li and Mr. Wu to join our board. The appointment of new independent directors is another progress in which we continue to improve the level of corporate governance.

Zhang Yong said that Ms. Li and Mr. Wu are highly respected business leaders. Both have valuable and profound professional knowledge and experience in the global markets of the Mainland and Hong Kong. I believe that the two market views will be of great benefit to the future development of the group, especially for our plans to seek dual major listing in Hong Kong, which can help us further expand and enrich the foundation of investor.

Alibaba announced earlier that the board of directors had authorized management to apply for the main listing on the main board of the Hong Kong Stock Exchange. The relevant process is expected to be completed by the end of 2022. After the completion, Alibaba will become the major listed companies in the United States and Hong Kong. Alibaba is currently listed in Hong Kong.

In addition, Dong Jianhua, an independent director of Alibaba Group, will no longer participate in the selection of the board of directors after this year's shareholders' meeting. Dong Jianhua has been an independent director of Alibaba Group since September 2014.

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