Alibaba proposes US$10bil share placement to fund global AI drive
HONG KONG: Chinese tech giant Alibaba said on Sunday that it plans to issue HK$80 billion (US$10.2 billion) in new shares in Hong Kong to fund its global artificial intelligence ambitions.
Chinese technology giant Alibaba announced plans on Sunday to issue HK$80 billion (US$10.2 billion) in new shares in Hong Kong to fuel its global artificial intelligence initiatives. The Shanghai-based company has been pouring billions of dollars into AI, with investors keen to witness how it will capitalize on its substantial investments.
The Equity Placement aims to solidify Alibaba's reign in the global AI landscape, the company stated in a press release. All net proceeds from the share issuance will be allocated to bolstering Alibaba's comprehensive AI capabilities, including expanding and improving its AI infrastructure. Alibaba reported a revenue of nearly 269 billion yuan (US$40 billion) in its latest quarter, marking a 9% year-on-year increase driven by the global artificial intelligence boom fueling demand for its products.
The company gained recognition for its open-source Qwen AI models, which have garnered widespread popularity among developers globally.
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