Founder’s HK$600 million personal investment comes as Alibaba chairman and CEO also purchased shares after company’s first issuance since 2019
Coco Fengin Guangdong Alibaba Group Holding founder Jack Ma has bought more than HK$600 million worth of the company’s Hong Kong-listed shares on consecutive days, according to people familiar with the matter, a show of confidence in the firm’s long-term prospects for artificial intelligence.
The purchases showed Ma’s “strong confidence for Alibaba to realise its AI ambitions and capture the long-term growth opportunities ahead”, one source said.
Meanwhile, Alibaba chairman Joe Tsai and CEO Eddie Wu Yongming spent a cumulative HK$202 million acquiring shares over the past two days, according to Hong Kong stock market filings.
Tsai bought about HK$82 million in shares on Tuesday, following an HK$80 million purchase on Monday – the same day Wu chipped in roughly HK$40 million.
The personal investments came after a new share issuance announced by the company on Sunday, one of the biggest fundraising efforts by a Chinese firm dedicated to AI development.
Alibaba, which owns the South China Morning Post, did not immediately respond to a request for comment on Tuesday.
Alibaba shares gained 1.5 per cent to close at HK$114.20 in Hong Kong on Tuesday.