Alibaba proposes Hong Kong share placement worth $10 billion

According to Business Recorder, Alibaba unveiled plans on Sunday to sell fresh stock in Hong Kong through a placement. The total consideration for the transaction comes to HK$80 billion, which the company put at $10.2 billion. Alibaba said the deal would be the largest primary follow-on offering ever carried out by a Hong Kong-listed firm.

It would further be the top Regulation S equity deal ever recorded, and it ranks third among such sales worldwide this year. Alibaba said 100% of the net proceeds will fund its artificial intelligence work, covering its full-stack capabilities and the expansion of its AI infrastructure. Taken together, these comparisons place the deal among the most significant share offerings this year.