Alibaba targets $10.2 billion Hong Kong share sale for AI push
What's new: Alibaba plans to put all net proceeds into full-stack AI capabilities, including expanded infrastructure.
Alibaba plans to raise HK$80 billion, or about $10.2 billion, by placing new shares in Hong Kong, in what it described as the city’s largest primary follow-on offering by a listed company. The Chinese e-commerce and cloud group said it would use all net proceeds to build out its full-stack artificial intelligence business, including expanding and upgrading AI infrastructure. Alibaba also said the deal would be the biggest Regulation S equity offering on record and the world’s third-largest primary follow-on share sale this year, behind offerings by Alphabet and Intel.