The following is my reply. Alibaba's shareholding and director structure are relatively complex. Alibaba Group Holding Limited, as the parent company, owns shares in many subsidiaries. Alibaba Co., Ltd. is the core company of the group, and its equity structure includes various types such as common stock, preferred stock and restricted stock. In addition, Alibaba has also established a number of subsidiaries, such as Alibaba Culture and Entertainment Group and Alibaba Cloud Computing, and the equity structure of these subsidiaries is also an important part of Alibaba's equity structure. In terms of the director structure, Alibaba implements the CEO responsibility system under the leadership of the board of directors. The board of directors is composed of multiple directors, including executive directors and non-executive directors. Executive directors are mainly responsible for the company's daily operations and decision-making, while non-executive directors are mainly responsible for supervision and providing strategic advice. In addition, Alibaba also has independent directors to ensure the fairness and transparency of corporate governance. In general, Alibaba's shareholding and director structure is relatively flexible and can adapt to the ever-changing market environment and company development needs. At the same time, its governance mechanism is relatively complete and can effectively protect the rights and interests of shareholders and other stakeholders.