Alibaba Group plans to raise up to 80 billion Hong Kong dollars, or about $8.73 billion, through a share sale in Hong Kong to accelerate its artificial intelligence initiatives.
The offering marks the largest capital raising by an already-listed company on the Hong Kong exchange, according to the company. It also ranks as the third-largest global equity issuance of its kind in 2024, following similar moves by U.S. peers Alphabet and Intel.
All proceeds from the share sale will be allocated to AI-related investments, covering the full spectrum of the technology stack. The company intends to expand and upgrade the necessary infrastructure, including data centers, to support AI development and deployment.
The announcement follows Alibaba’s broader strategy to strengthen its position in AI amid intensifying competition in the Chinese technology sector. The company did not disclose additional details on the timing or structure of the offering.
