Alibaba proposes Hong Kong share placement worth US$10 billion

Alibaba Group Holding Ltd. announced on Sunday (Aug 23) a proposed placement of new shares in Hong Kong with an aggregate consideration of HK$80 billion (US$10.2 billion), which would mark the largest primary follow-on offering by a Hong Kong-listed company and the world's third-largest primary follow-on share sale this year after Alphabet Inc. and Intel Corp. The company said it intends to use 100% of the net proceeds to invest in its full-stack artificial intelligence capabilities, including expanding and enhancing its AI infrastructure.

Alibaba proposes Hong Kong share placement worth US$10 billion It says the deal would mark the largest primary follow-on offering by a Hong Kong-listed company CHINA’S Alibaba on Sunday Aug 23 announced a proposed placement of new shares in Hong Kong. The aggregate placement consideration is HK$80 billion US$10.2 billion , the company added. Alibaba said the deal would mark the largest-ever primary follow-on offering by a Hong Kong-listed company and the biggest Regulation S equity offering on record, while ranking as the world’s third-largest primary follow-on share sale this year after Alphabet and Intel. The company said it intends to use 100 per cent of the net proceeds from the placement to invest in its full-stack artificial intelligence capabilities https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/alibabas-qwen-hits-3-billion-downloads-outpacing-china-and-us-ai-rivals , including expanding and enhancing its AI infrastructure. REUTERS Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. Share with us your feedback on BT's products and services TRENDING NOW /pulse?ref=trending-now Malaysia rules out US$1.9 billion takeover of passport supplier Laos-China Railway picks up steam, but S-E Asian country struggles to capture gains E-commerce is killing ‘real’ commerce, says China’s beverage king Zhong Shanshan MedPark’s assistant CEO runs a hospital where patients, physicians precede profits