Alibaba chair buys another 720,000 company HK shares
BABA•Joe Tsai buys more Alibaba shares as company raises funds for AI push
BEIJING, Aug 25 (Reuters) - Alibaba 9988.HK chairman Joe Tsai purchased another 720,000 Hong Kong-listed shares of the company on Tuesday, two days after the Chinese e-commerce and cloud computing giant launched a heavily discounted HK$80-billion ($10.2 billion) share sale to fund its AI ambitions.
Tsai bought the stocks at an average price of HK$113.47 ($14.48) for a total of approximately HK$82 million, a stock exchange filing showed.
With this purchase, Tsai and CEO Eddie Wu have purchased in aggregate over HK$200 million worth of shares over the past two days.
Alibaba founder Jack Ma has increased his holdings of the company's Hong Kong-listed shares by more than HK$600 million as a vote of confidence in the company's AI prospects, state-backed Chinese media STAR Market Daily reported on Tuesday, citing unnamed sources.
($1 = 7.8381 Hong Kong dollars)
