Alibaba proposes Hong Kong share placement worth $10 billion
BABA•Proceeds to fund AI infrastructure investment
Alibaba said the deal would mark the largest-ever primary follow-on offering by a Hong Kong-listed company and the biggest Regulation S equity offering on record, while ranking as the world's third-largest primary follow-on share sale this year after Alphabet GOOGL.O and Intel INTC.O.
The company said it intends to use 100% of the net proceeds from the placement to invest in its full stack AI capabilities, including expanding and enhancing its AI infrastructure.
($1 = 7.8396 Hong Kong dollars)
Alibaba plans $10.2 billion Hong Kong share placement
China's Alibaba 9988.HK announced on Sunday a proposed placement of new shares in Hong Kong.
The aggregate placement consideration is HK$80 billion ($10.2 billion), the company added.
