Futu News reported on June 17 that Alibaba said in a statement that it plans to expand the number of common shares from the current 4 billion shares to 32 billion shares. The plan will be voted on at the annual shareholders' meeting to be held in Hong Kong on July 15. If approved, the stock will be split before July 15, 2020.

Alibaba said the proposed stock split “will increase the number of shares to be issued at a lower price per share, which the board believes will increase the flexibility of the company's future fund-raising activities, including issuing new shares.”