Alibaba raises HK$80 billion through a share placement to fund AI infrastructure

Alibaba has priced a placement of 710 million new Hong Kong-listed shares at HK$112.70 each, raising HK$80 billion (US$10.21 billion). The transaction is expected to close on Aug. 26.

Alibaba said all net proceeds will be used to strengthen its full-stack AI capabilities and expand related infrastructure. The placement comes as the company accelerates spending on AI computing and cloud services. [Alibaba Group, Reuters]