Alibaba Plans to Sell $80 Billion Hong Kong Dollars in New Shares, with All Proceeds Earmarked for AI

BlockBeats News, August 23 - Alibaba announced on Sunday that it plans to sell new shares in Hong Kong. The company stated that the total amount of this offering is 80 billion Hong Kong dollars ($10.2 billion). Alibaba said that this transaction will be the largest ever follow-on offering by a listed company in Hong Kong and the largest Regulation S share sale ever recorded (targeted at securities issued and sold outside the United States). It will also be the third-largest global follow-on offering this year, following Alphabet and Intel.

The company has indicated that it plans to use 100% of the net proceeds from this offering to invest in its full-stack artificial intelligence capabilities, including expanding and upgrading its AI infrastructure.