Group founder, chairman of the Alibaba Alibaba main group chairman and chief executive officer of Alibaba and non executive director, director of Softbank group.

Buffett teach you how to make money in the United States, I hope the general meeting of shareholders of Alibaba to share with you how to do business, how to deal with difficulties in the process of doing business. We hope that the general meeting of shareholders of the Alibaba can make the world share the experience of SMEs, so that more transparent understanding of the shareholders, they are a kind of investment company. Determined to reform, because the previous shareholders will be like a walk like a little mean.

hopes China young people can pay more attention to China e-commerce, global Internet e-commerce especially Alibaba’s growth, so we give today to University of Hong Kong, Chinese University Hong Kong all the students each 100 shares of stock in the Alibaba, which is out of our stock in the Group Holding Companies, not out of listed companies. The 100 is the mind, means that in the next ten years, the Alibaba’s shareholders meeting you can participate in, hope everyone to see how we stick to our mission, values and vision, and hope every student can benefit more in our growth process in the enterprise, also hope that we do not sell these stocks.

today I think China Internet analysts do not really understand, understand Chinese e-commerce less, they just financial predators. If I should visit customers, analysts, I do not know how many people visited our company and our customers, we are visiting them, I do not believe that with us only 20 minutes of the call report by analysts.

if a company’s profit model can be seen through the financial statements, the company’s PE is only 2 or 3 times. Alibaba is very unique, if Alibaba’s ten year business model is so fixed, then Alibaba can never become a great company. It will change according to the customer’s change, this is my first point of view.

2008 February we write a "winter mission" in this article, the original Chinese each supplier is 60 thousand yuan fee, we decided to put the Alibaba lower profits, Alibaba winter no problem at all, but if the Alibaba venture fails, the winter is over, we live enterprises are all dead. So Alibaba charges from 60 thousand down to $19800, profit greatly reduced.

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