Alibaba's Record HK$80B Stock Sale Funds AI Expansion

Alibaba Group Holding Ltd. raised HK$80 billion (US$10.2 billion) in a secondary stock sale on the Hong Kong Stock Exchange, marking the largest such offering in the city's history. The e-commerce giant priced the shares at HK$112.70 each, an 8.4% discount to Friday's closing price, according to a filing. The company, headquartered in Hangzhou and owner of the South China Morning Post, saw its shares close at HK$112.50 on Monday. All proceeds from the sale are earmarked to support Alibaba's artificial intelligence initiatives, with planned spending exceeding HK$380 billion over the next three years. This move adds to a wave of technology listings in Hong Kong, as the city seeks to attract major tech firms. The sale underscores Alibaba's aggressive push into AI infrastructure and services, positioning it to compete with global tech giants. The discount reflects market conditions and investor demand, while the scale of the offering signals strong confidence in Hong Kong's capital markets. The transaction is part of a broader trend of Chinese companies raising funds for AI development amid intensifying global competition.