Alibaba Group announced plans on Sunday for a share placement in Hong Kong to raise approximately HK$80 billion ($10.2 billion). This offering marks the largest primary follow-on share sale by a Hong Kong-listed company on record.
The company will dedicate all proceeds to advancing its artificial intelligence capabilities. These investments target full-stack AI, including infrastructure enhancement, chip development, and model deployment.
Alibaba plans to sell 710 million shares at HK$112.70 each. This price represents a 3.6% discount to the most recent closing price. The placement has reportedly received strong interest from investors.