1. Complex and diverse 2. Alibaba's equity structure is quite complex, involving multiple entities and shareholders, including Alibaba Group, Alibaba Holding Limited, Ant Group, etc. There are complex equity relationships and cross-holdings between these entities, as well as some special equity arrangements, such as the Alibaba Group's partnership system. These factors make Alibaba's equity structure very complex and diverse.

3. Alibaba's equity structure is not only a question of organizational structure, but also a manifestation of a governance mechanism. Through a complex and diverse equity structure, Alibaba can achieve a balance of rights and interests and coordination of interests among shareholders, while also providing more flexibility and stability for the company's long-term development. This equity structure also reflects Alibaba's strategy and strategic layout in market competition, and provides strong support for the company's sustainable development.