Alibaba chair buys another 720,000 company HK shares

Alibaba chairman Joe Tsai acquired an additional 720,000 shares of the company on Tuesday, following the launch of a heavily discounted HK$80-billion ($10.2 billion) share sale aimed at funding AI initiatives. Tsai bought these shares at an average price of HK$113.47 ($14.48), investing a total of approximately HK$82 million, as indicated by a stock exchange filing.

Tsai and CEO Eddie Wu have collectively purchased over HK$200 million worth of shares in the past two days. According to STAR Market Daily, Alibaba founder Jack Ma has significantly increased his stake in the company's Hong Kong-listed shares by more than HK$600 million, demonstrating confidence in the company's AI prospects.