uring the holiday season, thus likely contributing to the Tmall GMV surprise upside. Among other one-off's that may have fueled a strong quarter of Tmall GMV, the company rolled out promotions in March which, for instance, encouraged consumers to scan barcodes to purchase goods. These promotions worked

comeback thanks to promotions, better CNY season preparation by large storefronts Of some of the more salient trends noted from the March quarter, Tmall GMV surged some 62% YoY (despite being down 25% QoQ), an improvement from 60% YoY growth in Dec, 2014. Recall that Tmall moreover boasts a higher take