China: Alibaba plans multi-billion capital increase for AI offensive
The Chinese group is apparently planning the largest capital increase ever to take place via the Hong Kong stock exchange. This is how Alibaba wants to keep up with the US giants.
Alibaba plans to raise 80 billion Hong Kong dollars, or approximately 8.73 billion euros, through the sale of new shares on the Hong Kong stock exchange. This is reportedly the largest capital increase by a listed company in Hong Kong and the third-largest transaction of its kind globally this year. The Chinese online giant will sell 710 million shares at 112.70 Hong Kong dollars each, a 3.6 percent discount to the recent closing price.
The share sale has attracted strong demand from investors, including state funds, and Alibaba has increased the offering size due to oversubscription. Morgan Stanley, HSBC, UBS, and CICC are acting as joint lead managers.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
