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First on CNBC: CNBC Excerpts: Alibaba CEO Daniel Zhang Speaks with CNBC’s “Squawk on the Street” Today

WHEN: Today, Wednesday, August 12th

WHERE: CNBC's "Squawk on the Street"

Following are excerpts from the unofficial transcript of a FIRST ON CNBC interview with Alibaba CEO Daniel Zhang on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today. Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000406110, http://video.cnbc.com/gallery/?video=3000406111 and http://video.cnbc.com/gallery/?video=3000406114.

All references must be sourced to CNBC.

ZHANG ON BUYBACKS

The share buyback program is for the purpose of anti-dilution. For example, for share incentive programs.

ZHANG ON MOBILE

This quarter, we observed an increasing shift to mobile and actually, we made very big progress in the mobile transition. And in this quarter, we reported 55% of GMV off of our China retail marketplaces was from mobile. And 51% of revenue are from mobile.

ZHANG ON CONSUMER BEHAVIOR

As we reported this quarter, we have active buyers of 367 million. And when he further analyzed the consumer's behavior, we observe that people – average speaking they buy more than 50 times a year on our platform. Basically what they buy covers a large variety of product solvent. And they buy all of these things for their daily lives. And the most important thing, they come to our platform not necessarily for a specific shopping purpose, but more like a lifestyle. So our company has a very clear long term growth strategy and we believe the short term movement won't affect our long term strategy.

ZHANG ON CHINESE ECONOMY

We closely monitor the Chinese economy and the impact on our Chinese consumer's behavior, but what we observe that consumers are still coming to our retail platforms to do the shopping because of the lifestyle change. So we are confident for our long term growth.

ZHANG ON STRATEGY

We have very clear strategy for the long term growth and we try to keep the creative value for our customers and merchants and to build up a robust ecosystem. We believe this short term movement in the stock market and in the currency market won't affect our long term strategy.

ZHANG ON SUNING

The investment in Suning marks our commitment to Omni-channel strategy. Together with Suning we want to render our consumers an integrated on and off line experiences. After this investment, Suning will first open their TMO store in our retail platforms. They have very good expertise in consumer electronics and home appliance and they will bring a lot of selections to our retail platforms.

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