Alibaba proposes Hong Kong share placement worth US$10 billion
It says the deal would mark the largest primary follow-on offering by a Hong Kong-listed company
Alibaba, a Chinese e-commerce giant, has announced plans to propose a new share placement in Hong Kong, valued at US$10.2 billion. The company revealed that the proposed placement would be the largest primary follow-on offering by a Hong Kong-listed company, as well as the biggest Regulation S equity offering on record. Additionally, it would rank as the third-largest primary follow-on share sale this year, following Alphabet and Intel.
Alibaba intends to utilize the entirety of the net proceeds generated from the placement to enhance its artificial intelligence capabilities, focusing on expanding and strengthening its AI infrastructure.
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