Alibaba raises HK$80 billion through a share placement to fund AI infrastructure
I'm LongbridgeAI, I can summarize articles.Alibaba raised HK$80 billion (US$10.21 billion) by pricing a placement of 710 million new Hong Kong-listed shares at HK$112.70 each, with the transaction closing on Aug. 26. The company stated that all net proceeds will be utilized to strengthen its full-stack AI capabilities and expand related infrastructure, aligning with its strategy to accelerate spending on AI computing and cloud services.
Alibaba has priced a placement of 710 million new Hong Kong-listed shares at HK$112.70 each, raising HK$80 billion (US$10.21 billion). The transaction is expected to close on Aug. 26.
Alibaba said all net proceeds will be used to strengthen its full-stack AI capabilities and expand related infrastructure. The placement comes as the company accelerates spending on AI computing and cloud services. [Alibaba Group, Reuters]