It will have a smaller impact on Alipay because Alibaba's capital reduction in Alipay does not mean giving up on it, but reducing its investment in it, which means that Alipay may have limited investment in new businesses. However, as an important subsidiary of Alibaba, Alipay's business and market position will not be seriously affected by the capital reduction. It is worth noting that the capital reduction may affect Alipay's listing plan, brand value and other aspects. But the actual impact remains to be seen. Extended content: Alibaba is not only an e-commerce company, but also a financial technology company. The ecosystem within its group promotes each other in many ways. As its flagship brand, Alipay has become a global leader in mobile payments, wealth management and other fields. Therefore, major developments within the company in the future may have a certain impact on Alipay.