Accumulated investment of 7.6 billion yuan, Alibaba Growth Xintech has the highest shareholding ratio among industry investors.

Alibaba has cumulatively invested about 7.6 billion yuan in Changxin Technology, making it the largest industry investor in terms of shareholding. According to Changxin Technology's prospectus and public information, Alibaba made its initial investment in Changxin Technology in December 2021, with a shareholding of about 1% after multiple rounds of financing dilution. In June 2025, 3 and a half years later, Alibaba made a substantial additional investment, increasing its shareholding to around 5% before the IPO, of which Alibaba Cloud holds 3.85% and Alibaba Network holds 1.12%. As a result, Alibaba has cumulatively invested about 7.6 billion yuan in Changxin. It is understood that Alibaba Cloud is also one of the largest single investors in the final round of financing before Changxin Technology went public.