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Alibaba finished its HK$80 billion ($10.2 billion) share placement to fund the expansion of its full-stack artificial intelligence infrastructure and capabilities. The capital raise, the third-largest primary follow-on offering globally this year, failed to dispel investor concerns over the company's decision to finance its AI ambitions via equity.
The company offered 710 million new shares at HK$112.7 each, a 3.6% discount that triggered an 8% to 10% drop in its Hong Kong listed shares. In response to the slump, Alibaba's top two executives purchased HK$120 million ($15.3 million) of the company's stock.
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