General meeting of shareholders to invest in customer

 To help enterprises

May each year, tens of thousands of investors from around the world will be with a ? the annual Berkshire Hathaway shareholders meeting the hearts of many investors, the

are only separated by week, at 10:00 on May 7, Grand Hyatt Hotel in Hong Kong also held a general meeting of Buffett-style. Ma and his protagonist is Alibaba (China) Network Technology Co., Ltd. (hereinafter referred to Alibaba HK. 1688). From the shareholders of Alibaba, internal staff, the media and other 300 people to attend the general meeting of shareholders. Among them, including 50 University of Hong Kong college students.

investors, the public close contact, make them more intuitive understanding of the company has always insisted on the 'investment in customers, giving benefits to the SMEs' This investment philosophy.

6, Alibaba Network Technology Co., Ltd. announced first quarter 2009 financial results. Showed a profit, benefiting from the market continue to grow the number of buyers and sellers, market Alibaba two net increase in the total number of paying members for the record, reaching 49,544, compared with the first quarter of 2008, an increase of 47% increased to 481,575. The two markets are the user's first quarter growth hit a 10-year high record.

shareholders meeting with Buffett, as the shareholders of Alibaba in this internal affairs of the General Assembly is not just a meeting for the company, shareholders and public shareholders in the open, you can direct operations against the company, earnings, investment, etc. questions. Although, at the shareholders meeting, shareholders of Alibaba question facing the board, some may be beyond the company's own areas of business topics. However, the shareholders of foreign Alibaba exudes the heat of a very strong influence, as the investment community in an abundance of fertile soil garden.



~ 2, Ma speech shareholders Record:

Ma: Alibaba why the reform has won

shareholders become transparent: and SMEs exchange experiences and share my experience

the first time last year shareholders meeting a client representative said the General Assembly to the next shareholders can not share the experience of doing business. After I made a decision, we must reform the shareholders meeting, I met many, many Hong Kong-listed owner of the company, almost every general meeting of shareholders are complaining about the boss is boring, that is, cast votes and then 20 minutes to say goodbye.

this world many people complain about, but few people take action to carry out reforms, and fewer, so from this year to take action to reform our shareholders, we hope to change Alibaba become shareholders Small world, exchange experiences, share experience, to allow shareholders to more transparent understanding of this company, what kind of investment in a company, especially the Americans, I am concerned of particular concern to investors, Buffett teach you how to vote in the United States money, I Alibaba shareholders want to share with you how to do business, how to hire people to share how people do business in the process of how we deal with difficult, do the exchange for such content. We hope that today's shareholders do try, ten years after the general meeting of shareholders in Hong Kong and Alibaba is not only the General Assembly returns for our shareholders, founded to bring more fun.

So this year is the first time, we just started, I hope that through decades of effort to change Hong Kong-listed company in general meeting's agenda. Ten years later we are able to reach 3 million, 50,000 or even 70,000, 80,000, 10 million young start-up companies to share their experiences.

this meeting I look forward to a year, I think the founders of the company truly feels about the most important, so I mainly did it last year with what I have compared the cruel decision, why do these cruel decision, the entire future of Alibaba Group, what to do, maybe they do business experience of each person present some thought, reflection, hope that the shareholders of the General Assembly to give us some of oscillation of the memories.

investment Ali should be most valued values: Customer First

always carry a lot here Alibaba customers and small investors, and these investors are believed to be from small businesses start business is extremely difficult. We need to give yourself hope and confidence. Entrepreneurship in Alibaba, we start 1999, 2000, 2001 not a penny of this income is almost three years before, encouraged us to carry on I received a lot of customers every day of thanks, because looking Alibaba new customers, because Alibaba has hope and confidence, these letters come to support us now.

Today, I want to communicate with you the content, I, as the company's founder and CEO continue to ask ourselves a question, we have for what these people for what we are, Why did the company exist? These two years we will become increasingly more clear and firm, people continue to do business here you need to know why the do business, what is the purpose of running enterprises. There are many investors here, I want investors to share why you invest in this company, the company's value is, why are there the company, the company's operating philosophy is what I want is always Alibaba implement the customer first, employees second, shareholders third this idea of the company.

listed when I tell customers first, employees second, shareholders third, there is an investor I do not understand, the shareholders listed on the third to do? I said a lot of the world's first company shareholders, the company that you should vote; but that the world has convinced companies like Alibaba customers first, because I believe that the customer has given us money, we create value for our society to contribute to contribute to society, we allow customers to grow up customers pay us money, because the customer's money to make us grow. Shareholders money is not our income to our shareholders of the trust money, so I think your company's purpose is to create value for customers, customers give you money. But the staff is to make these goals a reality into the process, no employees of innovation and hard work can have a good income. Of course, the third shareholder, is a result of the interest of shareholders if the company does not make money, it is not charity, it must make money, if a company does not make money, that company is also irresponsible and immoral, but a companies to make money while alive, I think this company is not much significance. Alibaba

so constantly reflect on such questions, so many years I am increasingly convinced that the world can have a lot more money than a company Alibaba, but more companies to create more for the community more value, create value for society, so many families and businesses grow increasingly able to make such contributions to the social enterprise world, not many want to do an Ali Baba All of our products and services to numerous small and medium enterprises and numerous small and medium enterprises contribute to the family, while adding Alibaba Alibaba young people because the platform has been growing, of course, shareholders also have to make money. I am not against money, I hope that ten years later Alibaba or even the whole of China is the world's most profitable company, but it is not my purpose, it is just my results. Alibaba

so that the purpose of our existence is to help millions of small and medium enterprises, because I was up from the small and medium enterprises, the first company I have 5 people, we borrowed 2 million dollars, how much we care Because accidentally destroyed tomorrow. Alibaba is the same 18 people in a room decided to create a world to be proud of the company founded by Chinese people, ten years since I have never forgotten this. We adhere to this commitment, it is important that you meant it.

What is the greatest company? Dangran a company is not making money is immoral and irresponsible of the company, shareholders to give you allow you to create the value of money, the staff happy, while a good return. This is the firm belief Alibaba, this faith let us for a decade, but also let us take the next ten years. Let us leave here today, remember that you invest in a company is customer first, employees second, shareholders third. Many analysts Ye Hao, Ye Hao said you were on Wall Street a little evil this company is a shareholder of the third, I then again the first company in the world a lot of shareholders, you can cast those companies, I do not think the world 6.0 billion or so many shareholders, no one is willing to invest in a company to create value. As first established ten years ago Ali Baba, Ali Baba we feel a little funny, people talk about values, mission, and help others grow and service, this is too idealistic, and I said I do not believe that the entire 1.3 billion people can not find We have the same concept with people, and now we find 1.2 million. MNCs multinational corporations to help them, no one to help their small and medium enterprises, we help the most needy people, because we want to create more companies such as Alibaba. This is my point of view about the opening with you.

the next decade or two if you find that changed the purpose of Alibaba, we will reflect on it to change back.

IPO when the stick crazy mission: to 12.0 billion Hong Kong dollars and shareholders to share

second point, I want to tell you last year, the year before which we did several more difficult decisions. Because today is the sharing of business operations, because you believe his own doing, want to do, can do, I believe you made any decision is a difficult but very optimistic. Alibaba 2008 road show to New York when pricing, Alibaba set in New York when the stock is a very difficult decision because we have no reserve in New York, subscription to 180 billion U.S. dollars, Hong Kong has hundreds of billions of subscription funds locked HKD , then we feel that the stock market problems, because financial Alibaba want more than one billion dollars in total, how could there be hundreds of billions of dollars locked capital, people become crazy. When the external crazy how we should like? So when we think that Alibaba can set the issue price of 20 dollars or more, each additional one dollar we can at least get one billion Hong Kong dollars in financing. Investment bank to ask us, you do not cross, will be almost 22 -25 block, and we meet his asking how much we are willing to sell the stock, we asked our colleagues in mind what is expected, when they say it is estimated that about 11 blocks, 12 blocks. How much do we sell? Reported that 20 dollars is not ashamed, because too many people want to buy the stocks. This time those of us who do a very heavy decision, then we present only sell 13.

make this decision we are very surprised that we did not run into one company in particular, Chinese companies had their own could get the money to the shareholders to share, but we ask ourselves, we can not crazy people crazy others think you do not sell 20 dollars that can sell you 20 dollars, to be responsible to shareholders, many companies listed in Hong Kong pulled the price is very high, and let the shareholders suffer losses, we decided to 13.5 yuan. We do not increase the money we stupid, because, after all we are business, but too much money to increase the real selling 20, 30 of them, I believe the shareholders, the Hong Kong investors will one day curse us, that day is 13.5 to determine, our shareholders are calm, because we know that this price is to uphold the interests of shareholders. 13.5 risen to nearly 40 dollars later, many people blame me, 40 dollars rose so high at that time only sell 13.5, many people complain Alibaba, I said 40 dollars within just three days seems to rise up, Alibaba within three days without doing anything, I think we finally blame is unfair, because everyone has their own standards, when 36, 37 but also burst into the sign of the stock market when speculation has been very big, Later, fell 3 dollars from 40 dollars when we do a lot of right decisions instead of out of stock so low. So you will find that the market has changed, our own commitment to it, because I believe that more than 3,4 dollars Alibaba, Alibaba was not worth 40 dollars, but when the market is crazy time management, founders, and all Alibaba employees to maintain a high degree of calm to this company we're going, to go, so do day 13.5, when a difficult decision, but the right decision. Later, when the stock fell to 3,4 dollars I was very frank, I did not make any money the shareholders, this is not our fault. So I told all the employees and shareholders forget about price, we stick to the commitments to customers, staff commitment, our commitment is not stock, we are committed to the performance, our commitment is to help the number of customers.

Last year, I frankly, do not really sad. Like many people said 13.5 regretted, was set to 20 when more than 12 billion Hong Kong dollars to get in, I do not regret, as I am not sad. Because people want honest, you only really responsible for the customer, the staff responsible for the shareholders,UGG boots, when making any decisions you dare to carry on filming, and this is my 2007 doing a more difficult decision. In 2008 I made two difficult decisions, in February we feel right, especially when I see a large number of our customers Alibaba said made a lot of money last year, I said, Where is the money you earned? Earned on the stock, you will find people who do business to make money in the stock market, in terms of PE in the online forum, how many times, what is the IPO, as time Taobao, pay is very small, each person talk to me when you IPO When all the world to discuss business IPO, to discuss multiple and speculation when you know that has gone to another stage, so our staff meeting that a high degree of attention in 2008. Until February 2008 we wrote

150 million We feel there are problems, but I can not for SMEs with all writing, not worry about how to do does not come in winter. Later, in accordance with the principle of customer first, we help others, we have an obligation to help people through the winter. I said to the customer can not write, then write to the employee, this letter will be rumor. After the media began to spread speculation that Alibaba encounter winter, winter meets e-commerce, Ma dying (laughs). This letter is not given to excitement, we are truly the customer first. I think doing business do not care how others look, to care about how you look at the world. Like every time we come out quarterly, in fact, I think it is fine, but others come out for 15% of Alibaba, and Alibaba does not mean that rose more than 40% of customers. Not the same as each person's point of view, if a man and live to the media, in order to face and live, not live to their heart, you will live very tired.

write that letter a lot that we take immediate action, have been introduced Wei, Chinese suppliers is 60,000 dollars each, we decided to immediately reduce the profits of Alibaba, which when I just saw a movie out, why are you even control the people. Liu Bei said, no, we have 15 billion in cash, no matter how poor Alibaba will break, but if the start-ups Alibaba Alibaba failed to do that, the winter passed and our businesses are to survive die off. Therefore, we think this is a time when the money, so it is not how much money Ali Baba, who is not how much money from each customer, but to help more customers to use e-commerce through the crisis. I think this difficulty hard, until some time ago Jerry Yang, our board meetings, said they did not tell us how you speak, speak with you I said no use ah. Adjust the product from 60,000 to 19,800 yuan profit greatly reduced, but many small and medium enterprises because there are 19,800 yuan of products they had the courage to try, dare to sell, we know the product very large price adjustment disputes, I believe that most companies how is the winter to earn a little money the winter, how 90% of the companies want to earn some money out. Alibaba time senior management team is how to help more companies, because the decision that we did not hesitate to adjust the product to 1.98 million to help more small and medium enterprises quickly, of course, there are two results, one that loss of the mess the company, and I met when Ali Baba said these words, that is true, the mission is not a slogan, but action, we say dry.

morning, a colleague of mine called me and said Wei made a mistake, committed any wrong? We did not follow the requirements handed down. How I say it? He said you is not to say zero profit, but to make 250 million profit. In fact, this is not a joke, we do not profit the first quarter, but we help more SMEs to start e-commerce to sell their products, when the decision was very painful to do, there may be shareholders, accused by the Chinese people, but may succeed, so for the customer first we made this decision.

Today I want to tell you, I am very pleased with the performance of the first quarter. Why are satisfied with that? We earn less than 5,000 million yuan of profit, but to help the 50,000 small and medium enterprises, 50,000 small and medium enterprises to join 10 people each, then 50 million people have hope and confidence, we only earn less than 5,000 million. If every company would only consider a quarter, the company will never go not long, can not achieve our mission. So last year I made a painful decision comparison, our management that should not reduce the profits of the first quarter, we might really do not profit, but now it seems so difficult economic circumstances we earn less than 5,000 million, but to help so many customers, many customers are also grateful to Ali Baba, we have won more customers.

whole world is falling wages, layoffs: Ali layoffs, and there deduct wages, layoffs if today said 2,000 people Alibaba, Alibaba say fat end of the year awards, I believe no one against us, because the whole world is falling wages, are downsizing. This time we decided not to send them to year-end awards, the annual bonus is that many people expect, the salary is coming in the winter when you should or should not the employees responsible. So I think that Alibaba was founded in 2008 is the most successful year for nine years, because this year we escaped the financial turmoil, this year we made a lot of adjustments to prepare a comprehensive staff have done a lot of transformation their products, all is well, we should be year-end awards to employees and to their employees for outstanding wages. I think the pay raise to employees should not be linked with the external economic situation, he did well you promised him he should add,cheap UGG boots, but if it is out of the economic situation is very good but they can not increase the dry well, with the external economy situation is okay, can not say that this year's economic situation, we made a good point bonus share it, not at all dry well. Therefore, our commitment to business, the things you promised to make every effort to staff, unless the company is not, because I think we are last year's performance, the products are good in all aspects. This decision came out we would have thought it was condemning, but I never thought that more than 10,000 employees felt very at ease, the company to maintain our commitment, we have greater confidence to help more SMEs to succeed. So I want to tell you today, Alibaba and we are increasingly confident the next ten years, we are guided by the interests of customers first, stick to the employees second, held out for the interests of shareholders third.

fact, until today I do not know how many CEO of China like me, I am very confident, confident, I am not arrogant, self-confidence that I see the future, we see their own employees. Of course, that I did not see a lot of truth to our shareholders, said, We recall the issue of IPO two years ago, I was here a 15-minute seminar road show, I told everyone about it e-commerce in China really needs 3-5 years, I believe that one day if to participate in road shows, I am from Hong Kong to Singapore, to London to New York, I speak the way e-commerce needs 3-5 years. Secondly, we feel that this is the need to invest a few years time. Third, when investors said Alibaba profit is too high, I think is too high, how can there be more than 40% of the profits, these profits should be returned to the market, these profits should hire more talented employees, because the real e-commerce the formation of the market takes about 5-10 years, 10 years after the e-commerce throughout the world change dramatically.

be the world's most powerful Internet company was born in China: Alibaba

have this opportunity to tell you I want to e-commerce development in China will surpass the United States. Five years ago, after my speech in the United States, I said Internet users in China will surpass the U.S. in Internet users, when and by others laugh, how could China do more than the United States, China, the management, the control, but today no one Well said. I said that only 3 million people, not the dead baby in order to keep up to 3 million 3 billion people in China a few years on the Internet came out, because we have 1.3 billion people. I want to talk about the U.S. e-commerce is difficult to develop channels for the United States is very advanced, the U.S. banking system is very advanced, the U.S. IT has been very advanced, so it is difficult to do the whole e-commerce, because it great. So we think that years later would be a huge miracle in China, the world must have a leading e-commerce company is the world's first single, but not Ali Baba I do not know, but the company will come from China, this is my conclusions.

here three years ago I was talking about, the three major Internet companies in the world must have one from China, it is impossible to state in China's large Internet company can not become the world must There is a. As can be it Ali Baba, a I do not know, but we work hard for it, I believe we have this opportunity. This is our vision of the future, I firmly believe that the world's most powerful Internet companies will be born in China, Alibaba has the opportunity.

to be such a great company, a lack most of? I think we lack most is the culture, management and leadership. I just had the honor of 13 executives with Alibaba, Taobao, including all of the president, president, president of Alipay, Alibaba executives these people panic in the United States to the United States when we research and learning, we went to EBAY, Yahoo, GOOGLE , Microsoft, Starbucks, GE, Soros did we exchange, we also met with Clinton, they said the U.S. economy so bad you learn? I say we do not know what to learn, we take a look, but in this case, they will tell you what we learned. We spent 18 days in the United States, which 18 days I learned a lot of things, these 18 days we see our idols companies EBAY, GOOGLE, Apple, this is the company we imagined. Then we saw a deep impression on these companies, the United States a recession, everyone in a panic, here today, there tomorrow bankruptcy layoffs, most of the companies we visited lost dreams, each person to consider is what to do after three months, what to do next month, no one wants five years, ten years later what to do.

I made two speeches in the United States, I said, I told Mr. Cai Chongxin years ago to the two people in Silicon Valley, to want to VC venture capital, then as long as several million dollars, we met a lot of VC they that China can not the Internet. But we see the American dream of Silicon Valley, when Silicon Valley was brightly lit at night, burning the midnight oil a lot of technical personnel, many technical staff to tell you the impact of our technology world, we find that Saturday, Sunday there are a lot of people building , could not find parking spaces, to see is the passion and dreams of Silicon Valley. We see the American dream, because dreams lead us back to the United States when China established in China also hopes that the American dream, we hope that the development of the next decade in China, can create such a company. But ten years later we find that they can not find a dream return to the United States, how they want to do next month, there are some very well-known IT company engineers are not talking about the product when the product will affect the number of people to help many people He tells you how much money this product. If even a company's engineers have to tell you how much time, you know where the problem. After reading our confidence in the winter time if you lose confidence, lost dreams, lost dreams for the future of this company is like the dead, we see several companies to the U.S. I can tell you there are a few companies will not will exist in the twenty-first century, even if there is also a walking, they no vision for the future. If there is no vision for the future, a person is only money and no idea of the ideal and what will happen, a company does not mandate, there is no vision of the future I think this company is not as dead, then alive. I want to tell you that the ten days Alibaba investigation, after the return of our confidence in China, self-confidence, confidence in the future is growing. Of course, confidence must be based on the way down to earth, if you have a vision, a mission, but the mission and vision are used for listening to others rather than their talents implemented in the organization bit by bit, they are all empty, are worthless. So, come back later, I did a lot of renovation, and today I would like to Alibaba on his vision, we have just over a decade, this year September 10 is the Alibaba tenth anniversary of this decade we have from 18 individuals, from a dream, a proof that in China there is an electronic Internet over the past decade we have proved that the Internet development in China, e-commerce market in China, with 1.2 million subscribers today, Taobao, Alipay has 179 million users, we prove that such a market the.

the next 10 years to create new commercial civilization: take action now

mission, but the next decade we prove? September 10 this year, we will be the world's people, a decade ago with 18 people in my house there will be about e-commerce this year on September 10 announced to the world we will see how the next ten years, we hope that the future years of use of electronic commerce, the use of the Internet has created the world's commercial civilization, we do not want to see fraud, bad faith, we do not want to see a transparent company, those who make money based company, hope to influence the world through the Internet improve the business world, this is our future mission. Alibaba

you think the data seen with last year's financial turmoil, economic problems, then how do you see now? How should we do next? In particular, the past two days the stock was up another crazy, is not the financial crisis is over? First, I am not a fortune-telling, I do not want to do any predictions for the future. Zhejiang businessmen last year during a conference, where all the companies discussed in blaming others, people have asked me when the financial crisis over? I was in a Shanghai hotel for dinner and wife came, and the proprietress is Alibaba's customers, he said to you that we do not believe the winter and now I come. I explain in the past. She described how later on it? I say you will adapt, and the economic downturn we all adapt.

back today, the stock market, the economy came back today, I think so, the world economy itself, the problem is not resolved, but is the feeling back, I think the first point is that the world economy began to adapt to the crisis, took action , charge into some money and did not fundamentally change the problem. Second, even if we should not change because the recovery yesterday, excited and proud, we should create a better tomorrow, not small and medium enterprises in the next decade are still hard through the day, we do not want future generations are still worried about the U.S. financial crisis So I think we should not forget these things. Third, never hope to do business outside of good or bad, I tell you that the external situation is not much of a good relationship with you, the external situation is not much of a bad relationship with you, in better times, there are only poor bankruptcy, poor economic situation there is also a great company, do not blame external, change themselves, to make action. The same as the shareholders meeting, last year we promised to reform, the reform we are now, from now on. General meeting of shareholders next year I would particularly like to share with us is how we recruit people, how to fire people, how to manage, how decision-making, so many small and medium enterprises from us to get more experience, the mistakes we share with you, By doing so Buffett teach others how to make money, so that users learn how to Alibaba to do business.

I hope this company more transparent, more clear, all of our shareholders to understand better the outside world.



~ Wei Zhe: vision, optimism, courage, patience and support for Ali to achieve Philosophy: Members of staff Ali Baba, Ali Baba's customers you, Ladies and Gentlemen Good morning! The first general meeting of shareholders last met, we expect that as a young company Alibaba, as a younger market listed companies in the first year after will be very difficult, but we did not expect since the last meeting the future will become so difficult, both for me personally, for our team, our company also believe that most of today's guests,UGG shoes, shareholders, customers have experienced a very memorable, very difficult times.

in the year I think there are four key words to help us through the hard times of 2008, these four key words: the first is the vision; second is optimistic; the third is courage; the fourth is patience. I will Zhu Yi and our shareholders, we shared the back of each word in 2008 and the years learned to do.

vision: see the danger in advance e-commerce opportunities

first of more to see the first word is vision. I thank our Board of Directors, their eyes very hot when the economy is the world's first call for As we see the back of overheating in the economy, whether it is capital markets, real estate market or have a problem with bulk raw materials, in February last year, the economic crisis we are repeatedly coming winter, and bear the brunt of the impact will be will be China's foreign trade, will be China and the world of SMEs. This is our vision and see the others did not see the risk of being.

including the second part of vision to see people in crisis have yet to see the opportunity to see the future after the crisis, that is, we firmly believe that just as the crisis makes the arrival of e-commerce, B2B can represented by the line of international trade, domestic trade to get more people to accept, we believe that the economic crisis situations need to buyers will be more efficient procurement method for purchases will supplement the original e-commerce has become their mainstream procurement, This is our eyes see.

Alibaba birth to the present from a total of ten years, a total number of 860 million customers, 8.6 million of the 300 million is actually the beginning of the financial crisis, one-time explosion in the third quarter of last year, up from last year that both the inside start the third quarter of $ 30,000,000 overseas campaign to bring results, but more essential is in crisis for more small and medium enterprises are increasingly aware of the global e-commerce can become a reason to help them through the winter. This is what I want to talk about the first part of the vision, we see not only other people did not see the danger, but saw no one else saw the opportunity not only to see a more well prepared for action.

optimistic: long term bullish on the Chinese economy is often the first out of the crisis

when such vision will bring out the second key word, Sunday happens, when you see the future when the vision will become more optimistic, our optimism comes from the confidence of the Chinese economy. China over the past quarter growth of just over 6% of GDP, which is the lowest in recent years, a quarter of China's GDP growth, but it is the world's best performance, we believe that the Chinese economy will in this crisis is not only defensive, also the first country out of crisis. We have confidence in electronic commerce on the Internet, because we do not throw away our confidence in the economic crisis, the computer picked up the pen and paper again to do business again picked up the abacus to do business, we have confidence in his team because the team experienced the SARS experience the last round of the Internet bubble, we have experienced a lot of disasters, based on the confidence we are more optimistic, but optimism should take action.

courage: for the winter number of actions to prepare for the crisis, so we have a quarter of last year to 7 years have not changed Alibaba sales and service system, moving a lot of surgery, frankly said that the capital market also caused many analysts questioned why only After three months in the market to do such a big operation, but also does business at that time produced some adverse effects, but we firmly believe that if the team do not do this restructuring will be difficult to introduce new products, new services to adapt to the coming economic winter .

July last year, our second call for to the economic crisis, the first wave of the tsunami will impact China's exports, we have to do is first prepared to face China's export enterprises to create a new product, and in order to allow more affordable e-commerce companies, drastically reducing the membership fees barrier to entry. This needs courage, our entry fees down from 60% 50,000 yuan 19,800 yuan to adjust to. But this is not just a simple change in the price, more of our 6 months is the development of products to fight the re-export of products through a new product system, the most difficult times in the most reasonable and most competitive prices available to our customers.

exports through product launch last November after a net increase in the fourth quarter last year, exports of more than 12,000 members, precisely in November is almost 7 years since the first time negative growth of foreign trade, to the end of last year we Export paying members from the Chinese mainland at about 43,000 or so, it more than 4 million in the first 10,000 Alibaba spent three and a half, the second 10,000 spent two and a half and the third 10,000 spent a year and a half, three and a half, two and a half and one and a half, the fourth launch of product 10000 We only took a month's time, and this trend is continue to maintain.

Yesterday we announced the results of the first quarter of 2009, we know that one quarter of negative growth is 20% of China's foreign trade, just a quarter of Alibaba in this fifth member to achieve exports of 10,000, and the largest ever achieved customers a single quarter of growth for our shareholders to see is the growth in paying customers, but Alibaba is more nearly 50,000 SMEs. In the use of e-commerce, finding a new channel to help them through the winter. From the research point of view do not use e-commerce and e-commerce for SMEs, with a survival rate of e-commerce will be a full 5 times higher than that 50,000 businesses will be higher than the survival of businesses not using e-commerce business more than 5 times. We have the courage to make changes so that we were rewarded, when we expect the impact of the first round when the introduction of foreign trade through export products, and we realize that the Chinese economy will rely more on domestic demand, so the first quarter of this year in February We also pass on the integrity of the product upgrade, and this upgrade is preparation for the beginning of November last year.

winter we say that our aid program is a combination of boxing, the first punch after the second punch and well prepared, integrity through the escalation of this year focused on the integrity of the mobile communication function and display, these upgrades functions that makes a quarter of domestic customers received strong support. In response to the first quarter, we started to invest in quarterly investment to our customers, employees and technology. The first quarter of this year compared to the first quarter of last year we took a 6% revenue for marketing and promotion, we took a 2% cost of product development for the development of such exports pass, similar to the integrity of mobile communication, similar to the beginning Japan achieved through, this is our commitment.

patient: Winter is the most cost-effective investment in the most effective gains in the next

fourth key word is In the domestic stock investors are generally not known as shareholders, as shareholders, I have been looking for an appropriate word translated into English, we are today to the shareholders, I am particularly pleased also to participate in the General Assembly last year of old faces. As a company, it is difficult for a responsible investors, but it should be for our shareholders, and shareholders and the company are seeking a long-term return if so, patience is essential. Why we invest in the winter? Based on our confidence, based on our vision, is also based on our understanding of what to buy in the winter are cheaper when bought in the summer, what are expensive. So today the promotion of our $ 30,000,000, are comparable to a dollar for every three dollars over the past few years, four dollars are unable to effect, we invest in technology costs cheaper than a lot of time when the economy overheated,UGG bailey button, we know that winter The investment will be in the summer, autumn harvest. As shareholders are concerned, we just say 6% for marketing, 2% extra for the technology development, how will we get in return? We will return gradually in three stages:

The first stage is the rise in the number of customers, from the fourth quarter of last year and have seen the first quarter of this year, we give our shareholders and guests to see an end of last year The summary of the results (PPT), I do not want to repeat these numbers, I just want to tell these shareholders we need patience, but we brought the first phase results prove that we already have two clients up to our initial confidence in the quarters and the dawn of The second phase of our model is the deferred revenue model, the first to receive membership fees and then in the next 12 months, anti-Tan charged in the accounting income, so the second phase of growth will inevitably bring the number of customers accounting income in the next 12 months month rise. You look at our current shareholders in addition to how much, you can also look at our balance sheet, deferred income, which is loaded into our pockets, is the trust our customers have already paid our money, so it is the second phase should see the return on investment time. The third stage, the investment return to see the recovery from the margins, we must first put into after the return, so the third phase as we increase the number of clients, the accounting income as we increase the recovery of profit margins is no doubt The.

return of these three stages we are confident that we will see in phases to our shareholders. This is our vision based on the past year, based on optimism, based on courage, on the actions taken by the patient and see the rewards.

the four key words in the first word From our insistence on the mission is to help our SME customers, if the SME customers in the winter in the fall, how much we did not make sense in the winter, because over the winter, we did not even customers, and on shareholders not to mention responsible

Alibaba will always adhere to the mission

Finally, I wish on behalf of myself and all the management team, first of all thanks to the scene and did not show up today Alibaba customers, not only for You have chosen Alibaba, select the e-commerce, like you even more grateful to have the small and medium enterprises in the spirit of home, is your constant innovation, we do not yield infected, infected the entire economy, so thanks to our customers. Today the scene has a staff, but also employees of Alibaba, so I want to thank our employees second, our team, even though they are very young, but so complicated in the past year under difficult circumstances keep our mission, very professional , very dedicated, passionate to continue, thanks to our staff team.

Last also like to thank our shareholders, I think the choice is also the shareholders of Alibaba vision, the same is very optimistic, also need to have courage, but also need to have a little patience, thank you for the eyes of shareholders , optimism, courage, patience, thank you! Please let me following the founder of Alibaba, Alibaba Chairman of the Board Mr. Ma Yun.