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The Chinese e-commerce giant proposed placing newly issued ordinary shares to non-U.S. persons outside the United States to raise HK$80 billion. The capital will be used to invest in full-stack AI capabilities and expand the company's AI infrastructure.
The equity placement is subject to market conditions as part of a strategy to compete for global leadership in artificial intelligence. Alibaba intends to allocate 100% of the net proceeds from the sale to these projects.
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Key sources
- SOURCE@reuters“proposes Hong Kong share placement worth $10 billion”x.com
- SUPPORT@firstsquawk“aggregate consideration of HK$80 billion”x.com
- SUPPORT@sino_market“place newly issued ordinary shares of the Company (the “Placement Shares”) to non-U.S. persons outside the United States”x.com
- SUPPORT@business“latest move to compete for global leadership in AI”x.com
- SOURCE@firstsquawk“proposed placement of new shares in Hong Kong”x.com