Alibaba doubles down on AI with HK$80b share sale plan
HONG KONG, Aug 23 — Chinese tech giant Alibaba said today that it plans to issue HK$80 billion (RM41.2 billion) in...
Alibaba, the Chinese tech conglomerate, announced on August 23 plans to issue HK$80 billion (RM41.2 billion) in new shares on the Hong Kong stock market. The funds will be used to bolster its global artificial intelligence (AI) initiatives. The Hangzhou-based company has been investing substantially in AI, with investors keen to witness how it will capitalize on these substantial expenditures.
Alibaba stated that the share issuance aims to bolster its position as a global leader in AI. The company intends to utilize the entire net proceeds from the share sale to advance its "full stack AI capabilities," which includes expanding and improving its AI infrastructure. Alibaba disclosed on Thursday that it generated HK$269 billion (RM161.6 billion) in revenue for its most recent quarter, a 9% increase year-on-year.
This growth was fuelled by the worldwide AI trend driving demand for its products. The company is renowned for its open-source "Qwen" AI models, which have garnered popularity among developers globally.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Alibaba seeks $10 billion from share sale for AI expansion thehindubusinessline.com
