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

Alibaba Group priced a placement of 710 million new Hong Kong-listed shares at HK$112.70 each, raising HK$80 billion (US$10.21 billion), with proceeds earmarked for AI infrastructure and full-stack AI capabilities. The transaction is expected to close on Aug. 26.

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 https://alihome.alibaba-inc.com/en-US/document-2028384807859257344 , Reuters https://www.investing.com/news/stock-market-news/alibaba-shares-fall-8-after-10-billion-hong-kong-share-sale-4872570