Alibaba Group plans to raise approximately HK$80 billion ($10.21 billion) through a share placement to fund artificial intelligence expansion, the company said on Sunday.
The offering will issue 710 million new shares at HK$112.70 each, with net proceeds of HK$79.7 billion. The new shares represent about 3.57% of Alibaba’s enlarged share capital, according to the filing.
All proceeds will be allocated to AI infrastructure and capabilities, reinforcing the company’s global AI leadership as competition intensifies in China’s technology sector. The fundraising aligns with Alibaba’s accelerated investment in AI and cloud computing amid broader industry rivalry.
The shares will be offered to at least six professional and institutional investors outside the United States, with the new shares ranking equally with existing shares. Completion is expected by August 26, subject to customary conditions, and Alibaba has agreed to a 90-day lock-up period following the placement.
Alibaba’s shares, listed under ticker HK:9988, will be issued at HK$112.70, reflecting the company’s strategic shift toward high-growth technology investments.
