Q1 2022 Alibaba Group Holding Ltd Earnings Call (Chinese, English)

Joseph.

Oh yeah.

Alrighty.

Yeah sure and thank you.

Daniel.

Yeah only thing.

Ladies and gentlemen, thank you for standing by and welcome to argue Barbara and June quarter of 'twenty to 'twenty, 1 that George Conference call.

At this time.

Participants are on listen only mode.

After management's prepared remarks, there'll be a question and answer session.

I would now like to try to call over to Rob Lin head of Investor Relations of Alibaba group.

Please go ahead.

Good day, everyone and welcome to Alibaba group's June quarter 2021.

Thank you Alibaba.

Julia and seafood.

And yes.

Okay.

George.

Speaking about China, and what you see.

And we've seen.

Sure.

And do you all for you to transact and so you kind of walk Jonathan Good question.

And what is.

Sure Louie in Changsha and.

Sure.

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Do you need that from us.

Book, which Shouldnt see and you got you.

These loans have you achieved.

Discussion you acquired 2 share function and hope it Shouldnt Shaanxi and Glenn.

I can tell you Sean S ECP Jonathan Archer.

Yes, Richard.

Thank you.

Jungle and adult saltwater and touch on that.

Yeah.

Do you all read from switch.

And as essential.

And Ken.

What do you think Joshua <unk> from that.

We don't know, how you chew ratio and funding.

It seems we still aren't where you transocean and figure out how what's your golf Ball Corp.

Can you talk on EBITDA.

And so you're talking EBITDA it seems to me I.

But how do you on your question and trying to call you should have seen tells me and every shakeup and seem to be right.

<unk> megawatt EDF.

And I'm sure that you got you got you shakeup should George you've been charged from the assumption change.

And so you won't go to drilling from you.

Thank you operator and kudos.

So we should go get Ya.

Change your children from Youtube.

Sean Peter and be summed up.

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John Daniel.

We shall bouchon, Chico, Jonathan and Sean.

Alex you C&C things how are you.

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John cash argument from Windows.

And so what you try and translation shantou fades and rates, which increased accordingly.

Right.

You're sure you're currently at some day.

And what shows Waitrose Xiaomi Daniel.

Yes.

Thanks, Rob.

Hey, Rob.

Thanks, Jonathan.

And so those 2 together.

Hi, Robert.

And how does it seem to be yes, you've got share pressure Cindy.

I think well are showing and the project Alibaba you can chung from reads out from.

Sulfate, William Wong with Shanghai, and walk you called Tor and.

And since you don't chunky projects and consumer so.

Yes.

Yeah sure Ali are you and yet.

Yes, Asher Alibaba, you can get and gotten yet.

AAC rate should you get and by either Chonju suite software sheetrock during the first day.

Since high and yet do you see total women's and young.

AAC Chi Tung Chung.

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Tung Chung talks Yoga E. R E Hi, Wes your tongue and cheek.

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The realized Synching Congress tend to you that whole rule, John Zeng to highlight.

Soil Simpson.

With our <unk> channel.

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Sure.

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And John Moody quota.

You all should hungry market.

Great.

CECO China.

And the January great. Thank you Sean and soon.

Goodbye now.

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Dr. Paul you talked to share.

Yes, Sean.

It seems that simple for our channel to.

And market.

Yes sure Tom.

Robert.

Singing.

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Rock and sulfur ETP coach from Dr. Chew Chung.

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Sure.

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Up with hotel and car sales.

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Yes could you talk about churn much harsher sounds show dog dog with Tom and with others.

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Sure.

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Sean should go out and it goes to a chunk and going and get pulled yet.

And so.

Peter.

Hum sulfate, Toyota and Honda sulfate Chute zone.

Our PC market.

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We view.

Female share to Hong Kong, Yes, Hi, contour and you could turn to the.

Our share count to assume next shoulder yet how cheap.

Jack.

Yeah Ali it's like 1 itself, which will get you the senior from Tom could you show and logging.

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Singing and weight.

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Sure sure sure sure showing yet seen yet.

In local currency.

1 day.

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So.

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<unk> done some jobs and then.

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You should put on some really solid growth.

Single, well and a chunk ceded.

True.

Jones day, Young watch and wait and software to Shun Jiang from Moody's champion.

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Inquiries from go go.

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Dr Shaw Shiloh shrimp, Yeah George.

Yeah.

And seeing chip shew from torturing pool.

During this fiscal Q1.

And China.

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Sorry go to Q&A.

And runs from quote to you and what do you do your job you Couldnt Joey.

Faithful.

Bill Yardley trades, and the Fuchs and Hyatt.

Joan tissue truly you'd swisher hot culturally and the Shaw again showed from Jimmy Choo.

And we'll continue to.

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Sure.

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Tissue box share.

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And over 10 billion showroom type in situ chalk book E bike E P Congress sung Jong.

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Sure and southern Cal and so we have quite a courtyard and b it sounds to George Hoglund.

Sure.

Hi, Neil.

Cloud seeing true cobalt Lauder Chung TTM Shaw go and elite zone.

I assume I see.

And <unk> Farquhar and don't see growth we are seeing.

And what are the you towards that and see it.

And how the project.

Are you Omar.

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George you see to achieve twice Sumitomo pricing true Codell and what what are your which has from fully and so.

And.

Over the long run.

Well I'm going to highlight itself should have the chance you Badger Chung.

Market.

And we're hoping to create tissue Chengdu total.

Hi, Daniel.

Infrastructure operator.

Alibaba, so feeling here that should probably OTC and ensure the in situ kind of tie with showroom sites chocolate and if I E.

Tissue you partner with sure.

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Daniel E channel.

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Which 1.

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And suites talk.

Sure.

And we'll see more sugar price and project.

Chinese Shanghai, Chico and go Sada, homey, and yet who will flow.

Sean Gray and lot tiny off and gender John.

And that too.

Hi, Russia from sway to tenure from drunk what Oh.

Oh George what's.

And what's out of the cloud thing true cobalt loss share and sugar.

Yeah.

Yes tough with tissue.

He has shown and tied to when the yeah without.

Price with phone call volume.

Robert sings from low from a swap.

Why is your cheetah.

So and so Sheila.

Alibaba cloud revenue and I leave you and showing them you.

Consider what won't be telling Jonathan.

Should we are you will you alcohol syndrome and yet.

The initial phone call and that's what you don't.

From a product from champion the Choctaw.

Youre quite short you'd switch from shifts.

And chance you're going to show you the championships.

You can share some from the Shanghai and soon.

Oh geez.

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Sean T. The streetcar.

And true.

GNC to assure share.

Teeth, and you'll ITC from shows through to put some drunk waived all PC, Colombia and the shoe should go out and talk with a quote from 1.2.

And so you know Ali mentioned on the songs who chunky.

I'm sure, we all tissue show door Coupe, yet coal book volume on cool and Hot right now and you're also changes.

And food they eat shop.

And with climate.

Excluding keytruda and guidance.

And even less.

And sure enough showroom, but <unk> Tung Chung share team.

And I from decision.

And important to them.

Of course, Youll wait wait shunyata, but it's all about.

And so our link Arlene dosing are you gonna wait and she can.

You can share now.

You're all in P Cook.

Obs codes.

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<unk> Chandra and Porsche she's going to flow.

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Are you Gonna Wei shown transferred sequential quarter function.

Other than the uptake.

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So and seeing Sawyer towards and truck doorway and question Chunghwa.

And why Chunghwa and chunks were far greater.

Alida Carnegie and Michelle and.

Jonathan you should see Cushing Parkway Yao Chew.

Kimco share.

So I'm going to go where they you can share.

Showing tide you'd see the single.

From the Shaanxi and soy or do you said chunk from where the truth I don't.

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And choice Alex here.

We grew our should shrink.

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We continue to see optimistic cloud.

Yeah.

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Sleep well.

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Xiaomi and went by.

Toby and Maggie.

And we found out that channel.

I would check book.

Thank you.

And your net.

And Darwin and your highest when I believe and Jack.

Sure.

And how are you and do it takes us.

Yes.

200, and Ben and challenging retail bank.

Sure.

And though Shannon.

Yeah.

Thanks George.

Thank you Ginger Jones from China.

And that's a chip.

And then telecom EBIT Huntley.

And maybe touch on that.

I am from Macquarie and Shaw.

And then really an all day.

Sure Jim.

Ooh SCHUNK <unk> Shaw from Nick Johnson, Yeah, you're.

Churn and 44.

Okay.

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And in Q4.

And the G. Jose just youre trying to it sounds like.

Hum.

Sean.

And are you finding.

Thank you Carl Schwartz and Macy's.

You also have sugar.

Yes and secret.

Sure.

Neither.

Wei.

Alright.

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Sure.

Yeah.

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Thanks, you see there and later for sure.

And just shoot.

And I just.

And I'm truly contribute on a flow sure hi, Doug.

Keith and Charles.

Hum.

And then from Iraq, Kuwait and true.

And so.

Sure.

And Joe.

So we're trying to do.

And so what you're seeing now.

And then should ratchet, how children and island and.

And so it doesn't count towards that.

Okay.

Hi, George.

Uh huh.

Chen Schor ensure xiaomi and <unk>.

<unk> got back into share when charter.

Charter rates and make sure isn't pulling Alex you don't.

And yet.

Thank you Sir.

Yeah.

Okay.

Chris Thanks, Tony and thank you from from <unk>.

And unfortunately.

Jack.

<unk> from <unk> Nikko.

From 2 key Ocean Concorde and.

And I can chip and Joanna.

Hey, Tao Chicago, and then kind of it.

Okay.

So to Taiwan and south.

Sure.

So Joe and then take.

Uh huh.

And so you'll push rollouts and how chunky and.

And so would you tell them try.

And I cannot hold off.

Can you just shoot from.

Sure sure some cash on the show.

Jack.

Ladies and gentlemen.

Yes sure.

And frankly from Christina.

Sure.

But Jim who share their food.

Right.

Sure Jack.

Corporate reported.

Yes.

And mines.

And who do that.

Uh huh.

And the RMB.

Thanks, and try and do a codeshare shanda and Chi.

So I think you're touching cargo EBIT Hudson.

And so.

And indeed.

And Charlie I should touch on EBIT.

So the cash out.

And we should know.

And then sat down and chief content.

Got it and kind of thing.

Please from question Lee, Thanks, you too and maybe Hermes and Jack.

And then.

2 and horses.

Sure Yes.

How do I put that day.

Sure.

And does that she had told you.

So I'll take it.

Jim and true challenging from China.

Exactly.

And I take out.

Scott.

Yes.

So your question Alex.

Yeah.

Thanks, Sean and team to what they accomplish also true Jim Jong from Jonathan.

Hosting xiaomi and China.

And that may cause thank you.

And so we're not seeing that.

Sure sure Youre doing and we're looking for quanta as it come from downstream.

Well and then go interesting yes.

Charlie you can wait how he showed within CIT already.

And the 19.2 hydrogen from Scott.

Hi, Jonathan.

With that channel.

Chip.

Chunks you may fail.

And then yes.

So I'm thrilled with the standard.

Sure.

Yeah, Alex you quote from tourists and Jack.

Would that be true.

And <unk>.

Excluding gosh I can try and should have each day.

And with that.

And here too.

And it sounds like.

Good day.

Sure Jack and a woman.

George.

No go from Chipotle.

Keith and Charles.

Yeah. Thank you George So short question Jonathan.

And you also changzhou issue.

Okay Glen.

And then.

Tim Clarkson.

And kind of and John with regards to you from.

Yeah.

Okay.

I mean are total cloud Utah.

Great.

And that's how you do.

Okay.

And I'll quote from transfer anything and we're going to compete and.

And so you can say Jack.

And just let you know.

Do you want to.

Take it offline thanks, Jonathan.

Great.

And simple to do that.

Our total net production.

And is that too simple.

Simple addition.

Okay.

2.

Yeah.

Simple initial he ended up paying.

And then just partially Cushing.

Jonathan.

And while it's true you can combat and.

And I E.

Jonathan talked rationally.

Try and Chicago.

And Joe you're right.

The channel.

Okay, Thank God and food.

And from the PSA Moshe.

And that shows that.

With that and this income.

Cool.

Insurance and hangover shortly.

Sure.

And then I heard about.

Thank you Sheila and good job.

And I was wondering.

Yes, <unk> bin Kim.

Kim on for sure.

Typically you would have challenges and John.

So listen and show you I.

I think total EBIT.

Sure Yes.

And Jonathan condition.

Could you help on price.

And to virtual and hope you can go back gosh, it's or alcohol and you'll see young and old.

Insurance and George.

Sure.

And that's a cool Yamaha Zhang co cohort.

Sure Jack.

And internationally.

Okay, and just from Glenn that was for revenue growth.

It will turn and you want.

Okay all right.

And Jonathan Ho Hum.

Negotiating team.

George.

Thanks Robert.

And then Jonathan.

Yes.

Is that simple.

And then too.

And towards the Jack.

Hi.

Okay.

Right.

No Andy.

And you also touched on promotion.

And you do that I can just and I'm sure that that issue from that.

And Jack Jack.

Sure.

The intelligent and he said Hey, I've got some day.

And indeed.

So I think high cash.

Sure.

And Tito struggle.

Great and shouldn't.

And just.

Sure.

Yes.

Yes.

Sure.

Yeah.

Please.

Sure. Okay. Thank you to wait and see.

And indeed.

And you should know launch.

Yeah.

Sure.

And then.

She's that woman.

Hi, Sam.

Thank you Maggie slipping living proof.

And how should you be.

And do you do that and you should hold or towards making sure you're right.

And then maybe it will be cash on those initiatives.

And then we'll just somewhat of a moving target.

And bill.

And Charlie Scharf.

Sure.

Second.

Jack.

Yes. Thank you.

China and trying to be computing is I'm going to just say E rate.

And in India.

Tony.

Sure Jonathan.

And as clay.

And that's it.

Hey coach.

Yeah.

Somebody who's the CFO and neither centrally and Jack.

And Jenny.

And just wondering your book and I will share that Shanghai.

Thank you.

Sure.

Jack.

Sure Peter.

And shifting.

Sure.

On a stable and you can judge.

Sure.

Sure.

Tissue and Nathan to drought.

And I'm trying to basically once a day.

And in your system.

June 1 and tissue biopsy challenge and doesn't change and.

Alrighty excellent.

Sure.

And so it actually holds.

It relates to Jim Shebat Nishi I mean, we drove growth.

<unk> session.

Uh huh.

And issue.

And it won't be shut down.

And I am sure.

And in particular in Asia.

And then so early that Ashley.

And I don't know.

And that you shouldn't need.

Thank you Jonathan.

Sure.

Sure.

So Jay.

Sandy.

And then hanging in the trees ouch.

And then does something.

Yeah.

And the hydrogen.

Oh, Gee, Changsha and high school doesn't got passion.

Yes.

When it comes to ship out to cloud.

Hum.

Robert.

Sure Patrick Xu from.

Okay.

And it seems from your ultra woman.

And secondly, chimp.

<unk> production, how and when.

And it comes from really runs machines and internationally.

And you would see them clean sheet and Changsha taxi trumped up.

Sure.

And then Jones Act.

And chocolate growth from EMEA and <unk>.

Jack Chine and tissue.

Sean say groundwater up your cap rate growth.

1 day, she kind of Chung. Please go ahead and true matches.

Hum.

Yeah.

And maybe Jim when you go low.

Sure.

Sure well ABS it seems like you have essentially.

How do you sell it and whatnot.

And everyone for today's call.

And the deal hopefully from.

Does that create Joy Wei England.

These are from the training young Chung.

So I went back and Joseph Jackie.

And finally to Jonathan and you went through with Daniel.

Sounds good.

Great.

So many women quantity and gain share yes.

And where you're finding.

And so what you want to you and almost.

DCF and considered.

<unk>.

Mechanics and wait.

And then T. He went to <unk>.

I'm with you soon from BMW globally.

E G.

And Glenn anything again.

Yeah, So George I tend to always zone.

So now operator, please connect speaker and ISI conference lifestyle, and then we'll start the Q&A. Thank you.

Okay.

Thank you.

As a reminder to ask a question you will need the cash Taiwan and telephone.

To withdraw your question press the pound the Husky and please standby, while we compile the journey last day.

And to give more people the opportunity to ask questions. Please keep yourself to no more than 1 question at a time.

Once again, please press, Taiwan and see a questions.

First question comes from the line of Thomas Chong of Jefferies. Thanks Open. Please go ahead.

Wonderful.

Let me try to lock and so.

And what.

And do we go and Pcs.

Sure.

Our prepared remarks.

And yet if you take a multi year.

And the strategy.

And I'll pick up on that day.

Let's see.

Yes, and again.

And what are you.

Oh Wow.

Got it.

Hi, Alex.

Asia.

And the patent box.

Well good morning expense.

Sure.

And so it can become.

Yes.

And you got.

Yes.

Thanks, Dave and Bob.

Yeah.

Sure.

1 day.

And as I do that Rob.

Sure.

And then.

A key part.

Yes.

And I just wanted to wait.

And that's it.

Thank you very much management good evening and thank you for taking my question.

My first question has to do with the multi app strategy that you presented in your prepared remarks, just now.

In particular, we note that top out deals is developing very well with robust growth and the user base I'm wondering if you could tell US. Please what kpis you have set and are looking at in terms of the ongoing development of tableau deal in terms of the user base, you intend to reach and to.

Our monetization strategy.

Secondly.

Like to ask about.

The recent.

Media reports that we've all been reading about.

Increased connectivity that is expected to be.

We realized and the Internet industry I'm wondering how management views. These reports these ideas.

And of opening up more connectivity and cooperation.

Across different platform companies in terms of traffic in terms of collaboration with the other portals and thank you.

And that's all what I would answer to that whole and TD going on and push out.

And what kind of a jumbo and she is a woman.

And it's 1 where the shelf and the here with somebody of our machine and I assume you go on.

Well, it's only on total sales.

Take hold all day, so could you talk about July and women's IGN ecological shingles, and Shelby ATP.

And so when you go to shelf and so the ATB that you said.

Just seeing Wei Qing.

Well, that's all we can tell would ya Li.

And things like you'll either you want and food channel.

Joseph Pardon me you put hold up here.

And with 1000 tons of Doyle.

On the P&L, so you won't be shipping volume.

And our teams would.

Take a destination.

And take a full time and so forth, but from the assessment and shelf heater.

Thank you Rob on your first question regarding the multi app strategy as I said in my earlier remarks.

And with the development of top out deals.

And we are.

Working on building a more complete.

App matrix to better serve the different needs of different consumers, we already have a very large consumer base with over $900 million Amc's and they all have different preferences. In fact, the same user could well have different preferences and different needs.

When.

Interacting and different contexts suffered different use cases.

So it's very important to us to be able to cater to all of those different kinds of needs and demands with and appropriate product matrix.

And then how about.

And other than that you don't put the charter launching which was before.

And then.

And Jonathan you will cancel each other and he got you know you will.

I'll take the second.

So how do you think wait for me and conduct unchanged and accordingly.

I think what you the agenda and close within zone.

Turbo deals has a very clear value proposition, namely offer users and the best value for money.

And it's precisely that extremely clear positioning and value proposition that has allowed cowboy deals to grow so well.

But aside from the Alibaba others in the shelf and Thompson told all pick up once and done that will be all.

And golf weights and the Alibaba others either.

The shelf and sometimes that somehow.

And the shield ocular and shortens the time machine.

Closely and uncle and lunch.

So I put it into your home and garden.

Each of the quota share.

Got you and food.

So it's always a towards that low shelving and wishing you all be Shelly and she's hotel nikos.

Yes, and telecoms automobile.

And important goal of.

How 'bout deals is to help us grow the user base, adding incremental new users, especially from the less developed regions of China.

And also to cater to the special demands certain consumers when they're looking for.

And the value for money so.

So a couple of deals it's all about growing the user base and growing the business and catering to these different kinds of demands so I'd say what channel.

Oh, My Gosh, you know conduct.

How about for Jamba and our fonts that we Didnt go Alex like 1 day, though I think the shelf, it's Ashish zone to the AC thoroughly channel.

And what cigarette.

Yes.

And that tells you.

And we're particularly pleased to note that the developments from top of our deals has already resulted an incremental growth of our user base and China, our AAC number in China by $10 billion.

And so I put all of them.

And so.

Mango she told US honestly when we as ITT the channel so so.

From a manufacturer adult consumers, telling you got silicone EMEA ottens and negotiate and tie it thought it to push off.

And it takes a long time from the time data from shelf and cultural and clean that ceiling and so on and then father and.

Put you up and it seemed like mobile.

Of course, while leveraging tableau deals to satisfy these kinds of day mounts were also hard at work building a highly efficient supply chain direct from manufacturer producer.

Including industrial manufacturing bases agricultural production basis.

Direct to consumer low.

Adjusted <unk> and <unk>.

Supply chain.

I don't know what surcharge that they are going through the put and portfolio <unk>. What's adults switching it seems like youll see them, making support and I.

Jonathan on front of Guangzhou.

Second let me address the question about connectivity, we're aware that there have been media reports and this connection and this will be a question of interest I'm sure to many investors.

Oh, well look at what else what other kind of thoughts.

Fifth launchings without well and really simple.

Moving fleet, 2 in California and cigarettes.

And longer Swishing posted low single, California assortment soil.

Hum.

And part of that you've got going from the 10 so the.

So I think the Olympics will be charging and take a P.

Hi, its agenda.

Sure.

And I don't think it's in good Ashish.

So traditionally what she thinks and anti light so push outs on Titan.

Type things and that will total 6000, you can hardly be initial Sheila.

Got it and then go sushi and to the Pink.

And then I've got a seamless and those kind of go from here.

Our view on.

Connectivity has been consistent and.

Extremely clear, we believe that connectivity.

Is a core value of the Internet and we.

We also believe that openness is a fundamental and <unk>.

Should be a fundamental characteristic.

And of the digital economy.

And when you can achieve a circulation.

Most of users of information or data.

Not only within but across and among different platforms that certainly will be conducive to realizing greater social value to a greater extent than the smaller circulation that can only be achieved with the same platform.

So we do see.

Cross platform openness and.

Connectivity.

As a positive trend that could unlock greater dividends and the Internet era.

Well, we don't usually think of who they are.

And there was some jaw.

Book, a shelf into so called <unk> from the plunge.

Chip.

And so some of the other child, who like John and do the well and Congress global disposal, Chile, Jonathan Engel.

So is it good to go and the PDP John Schweitzer.

And then go and the jumped 800 and don't feel.

And then going you're jumping from the genes and book.

Without actually they're coming to.

The P&C, they shop with us and not just the robust and angle to it.

And so think.

And <unk> I'll finish on the <unk> HIFU saw sales.

And if a country to Philadelphia at home.

And so you'll use the shelf is she said and part of it being too.

And we are condos.

And let's see how pinkeye title.

Forward looking and how to tie ins.

From Glenn Chin.

We note that this issue of connectivity and openness and it's also a concern to our merchants and consumers.

And for.

Merchants and in particular for Smes.

It would certainly reduce their traffic acquisition costs and help improve their operating efficiency.

Efficiency and make it more convenient for them to do business at lower cost.

Similarly for consumers it would enable a better user experience across platforms for shopping for payment for accessing different services and bring a greater level of convenience to.

To them as well so for all of the key stakeholders on Internet platform. So we see this as a positive.

Uh huh.

And we'll meet with all of the day, which you Adidas a whole simple yet you don't want to go where they want to hung yeah. Thanks, Jonathan So she can do.

I think that's from Jan 1 once we got 2 and gains and so that wouldn't eagle bulk Paula P.

And <unk> ones are and yet.

Congo and she's.

And she thought she is hunting for their food everything changed and it wouldn't be.

So the woman Joseph.

And so phase 1 B L.

Johnson, <unk> Johnson and I'll take a simple does jump on the ultra sushi and only ultra.

Sure.

Take a light sour.

I'll take that volume projection.

And so they've been kind of if you see that well and we've got.

And you can hold and 1 that she'd how can page going from like me and shall we like Shanghai.

We also take note of the launch of our <unk>.

Regulatory review and Rec.

Suffocation project on Internet companies with a particular focus on practices like the discriminatory blocking of links to other platforms or blocking of services offered by other companies.

We will.

Great importance to this review and rectification.

Jack and of course ensure compliance with regulatory requirements.

And to borrow a P.

Popular seeing lately.

We will.

Work to find common ground and move forward together.

Okay.

[noise] question.

Thank you. Our next question is from the line of Eddie Leung of Bank of America Merrill Lynch. Please go ahead.

Cause EBIT. Thank you for taking my question just 2 quick questions about regulation and the first 1 you probably have seen from regulatory focus on general so how might that affect our compliance.

I T and structural cost.

And then secondly in the.

A few months, but we have also seen.

Media reported regulators soon.

Seems to be looking at for us.

And do you.

Industry, including some commodity price.

And so how might that affect how.

And how long it has been strategy and user acquisition tactics.

And some of these value.

Thank you.

And there's so much all Hawkeye Sydney Magistral, and a T. T. I want you to assure you acquire chung from yet.

You go formats suites, and 10, Guangzhou and how many you got Utopia sure sure.

<unk> and <unk>.

And I'll shoot you Chung platform and you said don't shop.

And Sean talk.

Woman you share.

And so you are.

Sure sure.

Great.

LIBOR.

And I kind of Medici.

Paul It.

It sounds like you should say China.

Yeah sure.

Yeah.

And and treat form into chunks, and we shall call.

Michelle Wei Liza.

And towards the phone sales.

Fourth quarter heavy.

Okay.

Okay. Let me answer these 2 questions first of all data.

Well I think.

And in recent months.

And the Chinese regulators issue that either.

In June the issue the debt and security law and in recent months. They also.

Have had issues.

Issues of guidance and also to waiting for comments about the day it is sequentially reveal.

All right.

We believe this is very very important and.

We believe this.

These loans and registrations.

We will safeguard the long term development of digital economy because.

As digitalization.

And it will trend.

And it's becoming.

It's common.

Understanding that data is the core assets.

For our company.

For people and for our country.

So to adopting these legislations relating to data so crazy.

It's very important and China is now the only country do this actually English and look at what happened in U S and in Europe and.

Regulation, and all critical inflammation and infrastructure personnel protection.

So also force has been.

Already being implemented.

For Alibaba did.

Did your presentation is outlook is core of our business.

Data security is always the key.

Okay.

Tenant of our business and.

And we as always we will take our highest attention.

2 to this topic.

And and.

Right now we are.

Carrying out a self compliance checks.

On the latest regulatory requirements and.

We strongly believe that too.

To further strengthen the enterprise protection.

Uh huh enhance the long term health development.

The digital economy.

[noise] quiet.

Sure Paul.

Javier.

Okay.

2 questions.

Yes.

It's a fabulous shuja onshore and Fox and most recently.

Yes.

Uh huh.

<unk> you ship share.

No.

Should you bought 2 says Chung won the Reefer factory chunk to our feet on the channel.

Non-GAAP.

Yes.

Sure.

And should you Ian.

To share for.

Julio Wong Hong Yeah, Chung C Cheung Kong fashion.

She got Commodore Trudall should robot sales that should go home.

Our daughter tissue, so at your own debates and Tucson.

Got you out of that you could shoot you think chong very low base.

Uh huh.

Jeremy and Johan.

What.

Do you go and Christian that Sue Chung.

Thank God.

Jill and good to go.

And before right.

Chart shrunk to a huge agenda Chester feature on the channel Archie if you want to drink water genre and be Fox you shouldn't make what Omar I'm going to kind of how you are quite far from quanta and Ctrip sure sure.

Wei Coors and showed you and show them the value Parkway.

Sure.

Number 3 Alibaba lights Yao should.

Sure sure each year.

<unk>.

And the shifts you're ball, who should you and yes of course.

And so the Hugo Chris and the 212 and Sean will match.

Go to choice.

2 the <unk>, who should answer and tree farm and <unk>.

Snape of women and children's side.

So we've seen the juicy and value far great growth.

And you ought to change.

And Oh Guido.

Sure Chuck.

And can you put a chart showing fisher from you and the.

While the Chongqing.

Sean to ensure judge from the bulk foods.

Sure.

We don't shoot to Cheung Kong chunk to the Gotcha.

Huff with us for.

The second question about the <unk>.

Subsidies and the way of acquisition from new customers I think generally.

Generally speaking I think we are very happy to see the.

And so it seems the recent actions and guidance from the regulators for all the orderly market.

We as always we believe that southern day cannot create long term value of the business.

Cannot create long term value of the customers. So if you look at the Alibaba history, and say, we never grow our business on subsidy based on subsidies.

And Macquarie, Dr who and when you put here.

Or what could happen to you.

And Mr costing to conduct suites and Chunghwa formula.

And the simple.

Yes sure.

Troy and Paul Koonce value Shuda should help fund soon.

Sure.

Sure.

And with Shanghai.

So it's Rob.

Chung she the church and promote rukwa K kind of Alibaba and niche.

And your country, Alex Wheeler to meal Eli.

Yeah, but.

Tweedle from them.

And John.

We strongly believe that the key things do and the value creation for the long term and.

So that's why we see and this year when we.

And then our Incrementals and last month, we always believe.

Focus on the value creation and and.

And we were strong.

We think that with us.

Force other companies almost continuous loss, making but they will try to I mean, it locked and the skill by subsidies I think as he and all day.

They have 2 left.

The market sees a real results how to make profit.

[noise] Alibaba <unk> from a tissue.

Chung sheet charts chalk talk to grow sequentially.

<unk> seen yet.

And you kind of on net.

And somebody out toward food.

Yeah sure sure value.

Sacha the transalta.

Well my roommate your challenges and she thought is youre going to increase.

Sean.

Here the flight hardware.

Green Dot should talk to each 1 of the tomo.

And she also.

Sure Tom.

Thomas your per year.

And as I'll couch, my shoes and <unk>.

Sure.

And later.

Thank you next question please.

Thank you and next question is something I have Alex Yao of JP Morgan.

And again.

Maggie is open.

Go ahead.

And then share just.

And just over 2 hours.

Sure.

And then tragic holds the George it though when you bought them.

Jacob Shanghai, John Melamine, Jimmy Choo Chaconne dollar share.

Thank you Jim.

And you can pump yards.

And when you get some income they go and we bolt on.

There are some factories and somebody asked the machine growth.

And a higher share huge Shaw.

Some of them to enable should somebody called me on women.

And when we bought them and again once yoy.

Thanks, Josh.

Japan and you can watch.

And just Tony.

And then Jim and Jim Hardy.

When you shouldn't you be involved for sure and cute.

So you got <unk> channel.

Could you share gain share.

And the team.

Gosh I'm here.

Sure.

Hum.

Traditional channel our new downhole.

Sure.

Yeah sure.

Thank you a couple of questions if I may.

First of all I'd like to ask about.

The Kpis you are applying and we'll be applying to evaluate the success of these incremental investments.

We see very clearly and the financial results that you've released.

The spending side of the equation and where are these investments have gone, but could you tell us a little bit more pleased about.

The ROI on those investments how you'll be talking about what are the kpis and you'd be looking at internally will it be.

User growth or other kpis, perhaps and.

And then my second question, but we have a follow up on the earlier question about data.

I'm wondering how these new regulatory requirements and <unk>.

<unk>.

Perhaps affect Alibaba has the ability going forward to make use of data to collect data processed data.

Utilize data, especially for monetize services like advertising, if you could speak about that and a bit more detail. Thank you.

Right.

And so and it's now.

Thank you Daniel.

And that.

And.

Yes.

Keith.

Yes.

And I think.

Okay I'll take that.

And I don't want.

Yes.

And back down to hit your methane history.

Yes.

And where did you tune our tissue.

And internet.

And what did you total she can day.

And that Sheila.

Yes, sure and Becky.

Coming in and I can take on that.

Oh, Gee and Michelle and Iot.

Sure.

On the equity and whatnot.

Yeah.

Sure.

Yes.

And what does the tenure.

And then.

It just hurts you got.

Yeah.

Yeah.

He found the ticker Keith.

You saw me European though and maybe a slightly and Jack can you kind of thought it was going on and hopefully each of that book.

And so that.

Sure.

Sure.

Sure.

And then the Dnb, thank you to keep with the shipyard and Jonathan and got that.

And the GSE to share.

RPC did Ya man.

Yes, and Jonathan.

She could change that into tissue and New York, Jacob Oh Man.

And that helps them, John and Jeremy Yes, it isn't that the only channel.

Now how about me and Paula.

Thank you guys.

And then your chocolate and E.

And how you count.

And how the AC and <unk>.

Uh huh.

But what day.

Paul and let them and I think that should and should that.

Ladies and gentlemen.

Back on that and Joe should it be back can be sent out not 1 nipigon.

And this is what Tricia just hope.

And just across the hall.

I hope we did set out.

Thank you for telling me get reopened and I should put on the matrix acquisition and that shows and shelf and that his talent.

Got you.

And all of them and tickets.

Well net debt Chung.

And then she got Mackie.

And when they eat keto coordination.

Thank you, Ricky and forgotten and I see channel that way.

Women.

Jack will continue without doubt woman and won't be I think <expletive> Wei.

We like the agenda.

And I should say.

Yeah, sorry, yeah.

Well, New York handle and she and I think that was healthy.

Thanks Keith.

Yeah.

He will share the tobey that Cushing and handle.

Yes.

And we'll see how that.

And.

Our flagship and decent Lei Zhang.

I'll tell Ya Qin <unk> Ming.

Ohio and thought that you just talked about.

Jack.

Sure till you get hundreds.

And you put on you sure yes Joseph.

We're hitting Jack.

Yeah.

Thank you.

Well, if you are referred to the Powerpoint.

Ah I prepared to grow along with my earlier.

Prepared remarks, you will see that.

Outlines all of these incremental investments that we're making and turf.

Different areas going too.

So as you say, we're at the expenditures being channel is very clear.

We have our community.

Marketplace business travel deals and local services and.

And the international business, Masada, new retail and <unk>.

To a lesser extent also triennial.

And then on the right hand side of that very same slide.

<unk>.

And give data to show how that spending is paying off.

And youll see that and all of those different areas.

<unk> is being made and things are going very well.

And in terms of.

G M B and.

And the community marketplace business and the first quarter by 200%.

Be it and the GSA or do you see.

And.

Yeah.

Area.

Increased by 260%, so that's an upfront investment and capacity that will pay off down the road with.

Higher orders and higher GMB.

And we also showed there.

Idle fish.

And has grown to MA user base now of over $100 million and.

How about deals.

The AAC user base has exceeded $190 million.

Well I'm a.

Orders up by 150%, so and the different business areas I think different metrics should be looked out to understand the return on investment.

Certainly and the consumer business.

Number of users is a very important metric.

Keep tracking as Daniel shared earlier.

Total AUC number.

And China and overseas taken altogether has now reached 1.1.

Billion.

With the domestic user base and China, the Acu number and now having reached 912 million so the overall.

China, plus global user base has grown by 45.

Million also with Daniel as previously stated we have a goal.

In the foreseeable future.

And then say 3 quarters.

To grow our domestic user base and China.

And 2.1 billion or more.

And now you May say, it's not a very big a stretch to get from 900, plus 2.1 billion.

But that's actually a huge difference if you think of that user base and interacting with all of these different businesses be it local services and idle fish via Taobao and.

And so on we're talking about.

Knowing that user base further, but also significantly enhancing stickiness so that those users availed themselves of all of those different businesses.

Okay.

And they will call it out.

And we got Lucky and then just switching gears here.

With you to her.

Yeah.

Yes, and thank God.

And each routinely shortage issue.

And then let's see how to achieve it and see how the hatch.

Cash and has.

As you know separate from that.

I, especially on that flow.

Tina Schiel.

And for.

Yes, you are.

Yeah.

So it all kind of got you. Okay. That's all all good well Gee I need to quote to cash.

You should always take that usage.

And I'm not usable and legal.

And Yoplait.

Yeah sure this from guar bulk loans.

And I need you Jake.

Our fulfillment and Amit.

And I wonder if.

If we can diagnose and yeah.

Sure sure Chi.

Yes.

Thanks.

I, just don't value, she and extra fees and you call your share.

And then we'll shoot Wei.

Yeah, so on cheese and stuff.

Because when I think I want and Jack.

And as such.

To finish the answer.

And internally, we will evaluate the success of these investments and <unk>.

Grace and different businesses, but primarily in 3 dimensions, the first of which I was just speaking about.

User base growth, but also applications and experience.

So when it comes to user base.

Something very important to understand that differentiates us from other platforms and makes up the numbers even more meaningful is that these users are used.

Using different apps and different services within the Alibaba ecosystem, and we will continue to growth or usage across those different ups and <unk>.

Secondly, when it comes to our applications.

Applications.

We're tracking of course order growth and GMP growth and we will continue to report to you on that and then the third dimension and user experience.

And that would include improve.

Improvement and.

Supply it's Rob.

And fulfillment.

And going forward, we'll certainly be sharing with you more.

More specific kpis and that context for example, and our community marketplace business. Our on time delivery rate, which is already very high but going forward, we will be reporting to you in more detail on keep your eyes and each of those 3 dimensions.

Paul will put all this uncertainty.

So if you don't want to each.

And John Bullock and see the woman day.

And you're telling you that day.

Would you think the Sochi.

And so would you just how you foresee the younger the allergy season.

And so those are the early.

Fathers day teaching our monthly and go to Angola, and see the party of the ultra low.

So she is and the ultra Hot and then go lives so home Nicole and thanks.

I'd say, the lungs, yanji and women.

So the Evo cold season sales.

So the switching and control.

And the council.

Thank you. This is Daniel to answer the second question regarding data Alibaba.

Alibaba has always held itself to the highest standards and the strictest of requirements when it comes to.

And collecting data and utilizing data, we've always done that consistently and we'll continue to do that as new.

<unk> a new policy requirements are developed we will ensure strict and full compliance.

And with the requirements of the law as well as with implementation guidance and is further developed.

It is our commitment to deliver.

Possibly.

And our commitment to data security and data protection.

And it wasn't just with some good quite frankly, they also will see the switching.

Titus Youll coming from the ultra we hope hopefully.

He also asked about yields.

And so yields us and Disney.

So all of a sudden the yields and so hopefully you can share his life. So we bought Samsung Bos cost. So we can assume.

Our focus from fathers Youll slowly.

And I need to see those won't be all things until they see the show the mobile until we want when does it go up.

Thanks, a lot sales.

So volume.

Your question also.

Touched on and the potential impact of new laws and policy requirements around data collection and utilization.

In terms of revenue growth business growth.

I would simply underscore that Alibaba has never looked at.

Data.

Utilization or algorithm utilization has a single Standalone <unk>.

<unk>.

A simple factor that we rely on and.

And growing the business.

But what's your leads and those are all of them and say from the shelf and the Downzone the volume nature Jayson.

So and.

And switching to seal zone.

Couple of system sales.

And you think of a shelter and place off was the sort of it off and I hope.

And so it's really the shelf and the peanut some digging for the take long all day.

<unk>.

CECO peaked and you didn't.

You'll see the Hopkins loans so shelf.

So deal flow.

Would you, let's say a woman.

And so you can go through this.

And good that's all you talked to this phone zone Youll Gucci and.

Paul.

And until we've got tons of bonds and I Hope you and some of you will see that central sleep wellness and someone like Hollywood.

And to give a specific example to illustrate and whatever you buy that.

In our consumer advertising business.

We have never sought to leverage data.

Our algorithms to achieve the maximization of monetization and the consumer advertising space.

Think of it as.

Much less important to maximize click through rates.

Compared to the Paramount importance of.

Providing a.

Our top quality user experience a high level of user satisfaction. So we've always approached the utilization of data.

With.

The intention of.

Growing value for the community for the users and stuff.

Good day.

So hopefully they use online channel what Michelle Zhang from dose.

And the LIFO and so if you see on the geology and we got really adult.

Cleveland's Goodhart goes off lease nickel, pushing Hong Chi Tung Chung.

Hopefully at least well Michelle can get and go for the 2000 and cheaply from James.

And please.

Therefore, we see the enactment of data security legislation and.

Efforts to ensure a better protection.

And stricter use of data is positive in terms of being able to foster.

Value for society, and the long term and to allow good companies.

And like Alibaba.

To grow and to create more value for their <unk>.

Customers and themselves.

Thank you.

Just a minor correction on the English translation and before I think we meant to say other MA food deliveries order growth, 50% net 150 per se.

Next question.

Thank you and next question is from the line of P ish, whereby E. A partner sacks 9 is open here.

Thank you for taking my question.

2 questions. The first is on the cloud growth rates and just down to 29 and from 37% could you just take us through what happened in the quarter that resulted in that step down and growth rate.

And it seemed the impact of the customer moving out in the previous quarter. So how much of it was that customer and also if you could just shed some light and what the core growth rate for the cloud business and China is that would be helpful. And the second is and looking at CMO and could you just give us a feel for how the CMO is trending versus the.

The court GMB for your business and any color around how <unk> projections.

And would look like who the potentially the next quarter and I also that because through the quarter and through the past quarter also rehab.

Even based on NBS data, we had sluggish may but a remarkably better June and I presume that a lot of the improvement in June was bolstered by you and if that pace of growth is a function of how we are fostering growth, but I wonder how the rest of the others. Thank you.

Uh huh.

And when do you guys through reinsurance.

And the insurance T format and consoles.

And kind of dog and ensuring the phones on mute swung from just how should see shots here and go back from there or should you know monarch schema, and Shanghai tissue soft tissue and Quito Cheng.

Cook Cook, who the lose share.

I'm not too sure Tung Chung due the digger south young from.

<unk> share in really good food.

And she Tom touched.

Well short term dishwasher talks from the.

The way you and you should call your coupon is shaul.

And we looked yesterday and how to choose <unk>.

Titan GM Vida question and.

And I'll put it out from the from your way you start to ship.

Shai <unk> from here on the chat and well just wait and see where tissue is showing its you tube opportunity to want to come to court.

Thank you Judy shoot you, a fast and fun too.

Im not familiar for initiatives surrounding our Hollywood Lasalle.

And he was from UBS.

To your T cell contacts from dishwasher car Alibaba tweet onto them and if you wish and Jim <unk>.

And so again.

Well, thank you piyush.

2 questions.

And.

Let me answer that.

And then maybe Daniel stuff and then.

So for cloud.

Revenue, we talked about that.

This is why single top cloud customers impacted our revenue.

Without this impact our cloud revenue would have been.

Showing close to 40% growth.

And.

We do see.

Strong quality and.

Many industries.

Cockpits, and Internet Internet finance and retail sector et cetera.

Talk about this.

And 1 customer.

Impact we expect this impact to continue for the remainder of this year.

And killed a full exit of this customers and international revenue.

So looking forward as you've seen.

And they are.

And many changes and also new rules and regulations comes out there might be.

Impact on out their customers for example, and.

Online education customer.

However, overall, we believe the addressable market for Jack.

And it's still a huge and wheat.

Cash focusing on.

All of these are so low.

<unk> products and technology, I think insurer and a customer experience and to 2 quality business.

So.

And that's like a cloud there will be some near term loans.

And a continued impact from that top customer match and 1 more thing to add to the cloud revenue is about the concentration with your.

And my hearty 9.

So if we take out the debt.

And that 1 customer.

Our top 10 customers wrapping and contribution to our total revenue.

Single digit so.

And pretty diversified.

And our cloud revenue.

So question to ask TMR well.

The CMO growth is.

Has this a linear relationship with the GMB growth so.

We see the.

That relationship there.

1 thing I want to.

Highlights is that TMR.

Percentage of total revenue right now is 39 per se.

And so we do have a lot of new revenues streams coming.

And Uh huh.

Yes.

And in Pi.

Going forward our GMB.

Well.

I think we are.

The total.

National <unk>, well you can tell from the Mds data.

We are quite representative to the total pie if you look at our over a trailing COVID-19.

Jim Yes.

Percentage.

Total China's consumption, becoming.

Uh huh.

Very importantly, thanks, Sheila so.

A copy is very different from from.

And from the whole.

National online GM and quality.

And separately.

Yes.

You saw continued internal shorewood.

Women's from you and tissue tissue mention of showroom.

2 good shots.

Could you could Tom pool.

Hi, whitening.

Sure.

To your growth you can show the mushroom conquer financials, what's yes sure.

T J.

And you could done either you've got whole Fukuda, <unk> and Michelle and I know you can share.

And on the showroom.

We should have impact from decision.

<unk> Feng Zhang.

Our 2 inch and on.

Hum.

From the Hong you Youll see <unk> syndrome, and short form yet so and John.

Sure.

And I'll touch on.

And Dan Cooke, who the 2 and you yourself from a secret tissue shoot chewed up and signed yet.

Sure.

And do not shuffle.

And what's your credit 1.

Sure.

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And that uniform.

The words from 1 way right.

And for concrete.

<unk> Tricia and your share count.

And Youll cannot create ports you don't see Utah, you should at least be short chicken and show you later cohort.

Sure.

And when they go away.

<unk>.

Would a shootout xiaomi for each home to chew that.

Woman to Utopia.

Chung from <unk>.

Full chunky tissue.

And they'll go T Rowe from George.

And the cohorts, yet and I'll go for it.

From a year.

We're going to take.

So you got from John.

Rob.

And the use of Suncor and do you go in tier 2 and inconvenience.

And to show them the internal flow.

So you should coincide so ritchie from phones here.

And then what can you tell and Green Dot if you go back just.

True true concert Yonder, and now you Cook to order book.

Sure.

So michele on the tow sure Todd.

Between food away from cool.

Chung and food a showroom.

Sure.

So it shouldnt enrollment to the C talked to folks yeah sure Opdivo.

Thiago and do not need to win a coupon is short routes Yamato Feng Zhang and the chest with each <unk> and at some juncture Chung.

And since when.

And that you're under you guys since and Gwen.

Alright.

I can't tell you too shallow homelessness CMO Chung showroom to buy from essentially zero Chung from Xiaomi Sundar.

Yeah, sure Neal say shoot and harder.

From China.

A number of cancer and yet you talk with each and 2 good chunk horsing to shoot for.

And number of Alibaba Choi Chung with others.

Hi.

Power and <unk>.

And b that GMP using chunk at shrunk to the central and Vishal Shaw from you guys.

And she or he didn't seem that your additions for Alibaba.

And kind of share.

Poorly chunghwa central and being sure.

Uh huh.

Got it.

Sure.

And these heart failure.

And why.

And thank to add before.

Daniel is that the future revenue stream I think whatever we're investing nowadays.

All of these are new.

Strategic business areas.

Including.

Infrastructure like supply chain capability, and a sofa and capability construction.

And 8.8.

All of these aimed to provide value additional value to our customers.

And we get the scale of the basin, if Ireland now as the business and our customers.

And I keep coming to use our services there will be.

Do you like us to monetize the value provided so these kind of be.

And revenue.

And at least.

So our overall gold price. Thank you.

And so it's always Daniel tissue forgot your channel.

And so going your way lined up.

<unk> reveal.

George have your intestinal and someone's eye towards Hunter book.

Sensing Chung.

Thoughtful and the seeds were sure sure.

And on mute.

And the essential Thunder.

And she mood and doshi out and don't go away from the Coke Troy and caution to touch it.

<unk> done.

You can go and what you hope to see.

They are cool tissue.

And would you say.

And I realize we're moving towards you wait until you would you should assume Troy and for the attachment and I'd tell you yes.

Yes.

Youre torques from we've seen the short retail.

Yes.

A few words on the on the cloud business.

I think the.

And I think the most important thing.

To look at the cloud is about the total addressable market in the long term and.

And I think of all the people all the people we will.

Ken recognize that today and just the beginning stage and.

Uh huh.

And just Maggie.

Share with you.

In terms of share with you our.

Our our business situation from a from a customer.

Customer portfolio.

No I would not just.

And I feel worse on the.

From a product perspective.

Thank a 2 day.

For many enterprise customers.

And how to run a efficient infrastructure.

It is a.

Basically it's the entry point on the services they need when and when they decided to move to cloud and over time, we are happy to see that they get used to.

And when he moved from the cloud and they will have a higher demand in terms of how to how to collect and especially in the computing and the usage from the data. So that's why it has a high demand on the on the.

On the day not only on the data storage, but also on the data and analytics on the on the data.

And put database and even data security relevant services.

Actually this is exactly what I said in my remarks that in this particular quarter, we see.

If you look at the growth rate of byproduct by services.

Services for data usage data storage and Alex.

Securities.

Our growth rate higher than the average so I think.

It's more like a we have this entry point services.

Us and.

And going forward, we tried to.

Upsells and cross sales many more services to our enterprise client when they are in the process of digital transformation.

Okay. Thank you Jonathan.

Instrument.

From an idiot so your internet.

Yeah.

Quanta and media.

How to swim.

And we've got sure Tung Chung <unk> agree more.

Dr. Yao toolkit seems to be the kind of dog and journal sure.

True value.

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And you've got 5 minutes here.

And we've gone from Maggie how should swarm and chugoku.

And you could talk to tissue function.

And you would see xiaomi and the.

And you can tell just from champion.

So Jack I too shop.

Number 2 each day.

Sure.

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Jean Hu corridor go solve your duct and Ctrip sure sure.

Excuse me and national issue.

And see the.

And you guys you can shoot you know and have a shortly and you hope.

And I'm a sequel English.

And.

Talk to me.

And.

You can go to the Gulf.

And its Youtube book with a green and transform you talked with the shoot you that trigger tied to <unk>.

Our form yet.

So if we or should you should your fancy should fall question with your answer.

Don't form and huge and so we will book.

Okay tissue.

To share.

From a contract side, probably enjoying yet, although almost all your insurance and sugar, but quite onshore.

Should you switch or should your friends you should you could push with you and Sean.

Tricia.

Jonathan.

Chung she thought.

I'm pretty sure I ask Shiga room and see the onshore.

Number.

And <unk> to the eye off the shortage.

Could you share cohorts, 1 and 2 are shown to you could sell China social.

Okay next question.

Thank you next question is from the line of Jerry Liu of UBS. Please go ahead.

Okay.

And.

The way you would know and good ones.

Just.

And a woman.

Yes collyn.

Acquainted with.

And Mr. <unk> <unk>.

Marketplace based core dig in and see that.

And Jason.

And I hope you're.

Al will mentioned that.

Sure Amit.

And that should take about triple and from what kind of and seeking sapiens.

Okay.

Thank you management.

<unk> also on investment, which we have been discussing but I'd like to.

If you could tell us a bit more about the investments, you're making and the marketplace based core and also and in particular and how about live streaming.

And.

Oh, and I should really shot just to let's say the violence and gender and from what kinds of single marketplace based core sales.

And he wants them and they'll even beyond what you've been thought of BMO.

And then if without the email women's and others.

Total dollar machine the marketplace and the business saw Ming Yue Kingdom.

Helen Zhang our marketplace still giampaolo and Kimmel <unk> channel looks at a woman I seen that chico's and marketplace. Some in the channel so make goods.

And so.

And so I thought I'll eagle and marketplace.

This is Daniel marketplace, So just women's and what kinds of marketplace, particularly.

And good to see the titles would be helpful.

Let's take a CTO.

Thank you.

My question I think it is.

Very simple answer.

And when you ask about the marketplace based core and EBITA, there and how we should look at that.

We're investing as we said and new businesses. So when we used to talk about marketplace based core it was Togo.

And the team off but now we're working hard on building all of these different.

Businesses, each with its own unique and compelling value proposition and collectively forming a matrix of marketplace space.

Core businesses, so that requires that we take a different perspective and.

Evaluating marketplace based core.

Okay.

Thanks.

And for life.

To support our proceeds our proceeds from changing diesel Cho cell phones, and that's what Hudson sits and good sung Jong.

And he does skills of our team that he was simple.

In terms of live streaming.

And we see that not merely as a new.

<unk> approach to selling goods online, rather we see it and and.

Tegra and part of our merchants overall approach to digital operation.

So the Alibaba Lei Zhang.

A woman uses synthetic woman and go with some job keeping and equal thought hunting dogs and Cushing.

<unk> zone, so you've got somebody who is from Tim stone and sushi and team the equal share on diesel.

And that our channel supposedly and John is from functional samples and shampoo.

So.

1 of the key things that Alibaba.

<unk> brings to merchants and then.

Extinguished as Alibaba is our ability to provide multi dimensional multi use case.

Multi value services 365 degrees across the entire ecosystem, creating value for merchants and live streaming and sorry, just 1 part of that.

Sanjay This is John and John.

And she all this equal clay Deutsch and <unk>.

And so she can continue at Dean foods or somebody you got somebody who shut off.

Jacob pinch hit and then goes and some good I mean, so she loans.

And now take the Hudson and children, who are cognizant of the soles and dollars, even though our puts us at 1 time that was the longtime support Onslow life and Neil.

So julien.

This is Ed.

And what merchants really want and need is the ability.

2 our conduct lifecycle management.

Their customers.

Ability to track and measure.

A range of kpis around their customers the revenue profitability and not just the ability to track the success of 1 or 2 live streaming sessions and that's just 1 part of the process, but the bigger picture is the customer lifecycle.

That's really what mostly tissue and teens and Google and undertake.

And so this was a fox I hate us and we've always found Yao Chico and Toyota Honda.

And Tom and the challenges that Jonathan the sequel.

So the shelf itself, whether it's Alex you talked to the speech from the sponsor.

So going forward, we will continue to develop this comprehensive digital ecosystem and a comprehensive suite of services to.

And to support and enable.

And merchants.

And merchants are supported and enabled and this way of course that is.

How consumers will be able to experience the best possible.

Online experience.

Okay.

And I believe that our time splits.

And to put today.

And everyone for joining today and if you have any questions.

Please do contact me and the IR team. Thank you very much.

Thank you. Thank you.

Thank you. This includes today's conference call. Thank you for participating you may now disconnect.

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And then.

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