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The Chinese tech company sold 710 million shares at HK$112.70 each, with demand from institutional investors nearly tripling the offering
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Alibaba Group raised HK$80 billion ($10.2 billion) in Hong Kong's largest follow-on share offering, with the company saying it will use all net proceeds to invest in its AI infrastructure. That transaction, which closed Sunday, marks Hong Kong's largest share sale since Prosus NV, the technology-investment firm, divested $14.7 billion worth of Tencent Holdings stock in 2021, according to Bloomberg.
Alibaba stock fell 8.5% on Monday, its steepest single-day drop since early 2025. Despite the decline, Chairman Joseph Tsai purchased about HK$80 million worth of Alibaba stock, and Chief Executive Officer Eddie Wu acquired about HK$40 million, according to the outlet, citing filings with the Hong Kong stock exchange.
