Alibaba Group said it raised approximately HK$80 billion (US$10.21 billion) through the issuance of 710 million new shares at HK$112.70 each, with net proceeds of about HK$79.7 billion. The placement, expected to close on Aug. 26 subject to customary conditions, will increase Alibaba’s expanded share capital by roughly 3.57%.
The capital will be fully directed toward expanding the company’s artificial intelligence infrastructure and capabilities, reinforcing its global AI leadership amid intensifying competition in China’s technology sector. The new shares will carry identical rights to existing shares.
The transaction is structured for at least six professional or institutional investors outside the United States, with Alibaba agreeing to a 90-day lock-up period following completion. Shares will trade under the ticker HK:9988.
