Alibaba chair buys another 720,000 company HK shares

On August 25, Alibaba chairman Joe Tsai increased his stake in the company by buying an additional 720,000 Hong Kong-listed shares, following the launch of a significant share sale to support the firm's AI initiatives. Tsai acquired these shares at an average price of HK$113.47, totaling roughly HK$82 million, according to a stock exchange disclosure.

This brings his and CEO Eddie Wu's combined purchases to over HK$200 million in shares over the past two days. Moreover, Alibaba founder Jack Ma has bolstered his position by accumulating over HK$600 million in the company's Hong Kong shares, as reported by Chinese media STAR Market Daily. This significant investment underscores confidence in the company's AI prospects.