Alibaba-W (09988) plans to place new shares in Hong Kong with a total consideration of HK$80 billion

According to the Zhitong Finance App, Alibaba-W (09988) issued an announcement. The company announced that it intends to place newly issued common shares (placement shares) to non-US persons outside the US. The total consideration for the placement is HK$80 billion, subject to market and other conditions (proposed placement).

The proposed placement is aimed at further strengthening Alibaba's leading position in global AI. Alibaba plans to use 100% of the net proceeds from the proposed placement to invest in its full-stack AI capabilities to strengthen AI infrastructure.