Alibaba Cloud's CloudQuotation Adopted for OTC Transactions for the First Time

Partnership with Phillip Securities broadens Hong Kong stock quote offerings

Hong Kong, April 20, 2022 - Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today announced a partnership with Phillip Securities Group ("Phillip Securities") featuring the access of Alibaba Cloud's CloudQuotation to over-the-counter (OTC) quotes - the first time it is being used for this purpose - enabling the parties to provide more comprehensive market quote services in Hong Kong.

OTC trading occurs after market on the trading day preceding the listing of IPOs (initial public offers). Brokers provide quotations through internal trading systems to match buyers and sellers who either successfully subscribed to a new IPO but wish to sell their shares before they are officially listed, or did not subscribe (or were undersubscribed) but would like to buy shares before the first trading day.

CloudQuotation assists financial institutions in customizing quotation services while delivering real-time market quotes to customers in the OTC market where trading times are limited and volumes are high. Following the connection to Phillip Securities' OTC quotations, CloudQuotation is now able to offer complete coverage of the Hong Kong market, from OTC to publicly-traded stock quotations, delivering a rich portfolio of data-based products and services.

Alibaba Cloud will further expand its partnership with Phillip Securities in the offering of US stock quotation services. As the first securities firm in Hong Kong providing U.S. stock trading services to other brokerages, Phillip Securities will leverage CloudQuotation and its existing capabilities to provide its customers with real-time U.S. stock market quote information.

"As a key global IPO fund raising center, Hong Kong has an active market for OTC trading. We're pleased to partner with Phillip Securities, Hong Kong's leading brokerage to provide more comprehensive stock quotation services in this market. With the integration of Phillip Securities' OTC quotes into our CloudQuotation solution, we will be in a better position to address the diverse needs of local financial institutions,” said Leo Liu, General Manager of Hong Kong SAR, Macau SAR and Philippines, Alibaba Cloud Intelligence.

Alton Lau, Director of Phillip Securities Group, said, "To capture the opportunities and address the challenges brought by the financial market's digital transformation, we are actively seeking reliable technology partners who can provide secure and efficient technology to help us enhance customer service quality and consolidate our competitive position in the market. With this deepened partnership with Alibaba Cloud, we will be able to provide more efficient one-stop solutions for our corporate and individual customers, while enhancing our competitive advantages within the industry."

Last year, Alibaba Cloud launched CloudQuotation, a one-stop cloud solution based on Alibaba Cloud's global disaster recovery network and directly linked to stock exchanges, which is capable of providing customers with real-time quotes for stocks, futures, derivatives, indexes and other financial services. It provides enterprises of all sizes with tens of millions of market quotes per second with low latency and high elasticity. CloudQuotation has already been adopted by a number of financial institutions in Hong Kong. It also offers global service sharing of real-time market intelligence related to the stock markets in Hong Kong and the U.S.

Phillip Securities has been working with Alibaba Cloud to migrate its market quotation system to the cloud, which has resolved issues around high latency and poor access due to the use of local operator's servers to process transactions from customers in mainland China. Following the migration, Phillip Securities improved peak time trading performance and significantly enhanced its customer experience. Going forward, aligned with the digitalization trend in the securities industry and leveraging Alibaba Cloud's network and infrastructure, the company will enhance its delivery of one-stop solutions for consumers using the SaaS (Software-as-a-Service) model and further contribute to the digital transformation of the industry.

About Alibaba Cloud

Established in 2009, Alibaba Cloud (www.alibabacloud.com) is the digital technology and intelligence backbone of Alibaba Group. It offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large-scale computing, security, management and application services, big data analytics, a machine learning platform and IoT services. Alibaba Cloud is China's leading provider of public cloud services by revenue in 2019, including PaaS and IaaS services, according to IDC. Alibaba Group is the world's third leading and Asia Pacific's leading IaaS provider by revenue in 2020 in U.S. dollars, according to Gartner's April 2021 report.

About Phillip Securities Group

Phillip Securities Group is one of the members of Phillip Capital. Phillip Capital founded in 1975 in Singapore, our group member companies operate in 15 financial hubs, with offices in Singapore, Hong Kong, China, US, Japan, UK, France, Australia, Malaysia, Thailand, Indonesia, Turkey, India, Cambodia and Dubai. With more than 5,000 employees and access to multi-markets across 26 exchanges worldwide, serving over 1,000,000 individual clients, families and institutional customers around the world, we are entrusted with over $57.83 billion US Dollars from patrons to manage their assets, and our shareholder's fund has exceeded to $2.4 billion US Dollars.

In Hong Kong, our group companies include Phillip Securities (HK) Limited, Phillip Commodities (HK) Limited, Phillip Capital Management (HK) Limited, Phillip Financial Advisors (HK) Limited, Phillip Finance (HK) Limited, Phillip Institute of Financial Learning Co Limited and Phillip Bullion Limited. We provide a full range of quality and innovative financial services to individuals, corporate and institutional, investors including securities, futures, options, forex, unit trusts, asset management, insurance, investor education and investment research.