Alibaba set to open down 8% in Hong Kong after $10.2 billion share placement plan

SHANGHAI, Aug. 24 (Reuters) - Hong Kong-listed shares of Alibaba 9988.HK are set to open 8% lower on Monday after the Chinese e-commerce and cloud computing giant launched a $10.2 billion share placement to fund AI development.

Alibaba 9988.HK said on Monday it has priced its HK$80 billion ($10.21 billion) share placement at HK$112.70 apiece, in an offering aimed at funding artificial intelligence-related development.