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Hong Kong/Shanghai — China’s Alibaba on Sunday launched a HK$80bn ($10.2bn) share placement to fund AI-related development.
A deal by the Chinese e-commerce and cloud computing giant would mark the largest-ever primary follow-on offering by a Hong Kong-listed company.
It would rank as the world’s third-largest primary follow-on share sale this year after offerings from Alphabet and Intel.
The company said it intends to use 100% of the net proceeds from the placement to invest in its “full stack” AI capabilities, a category that includes chips, infrastructure and the development and deployment of AI models.
