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Markets & Capital

Alibaba plans to raise $10 billion to boost AI investments

By The Wealth Today

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Chinese technology group Alibaba Holding plans to raise around US$10 billion, equivalent to HK$80 billion, through a new share offering on the Hong Kong Stock Exchange, in a strategic move aimed at strengthening its infrastructure and global competitiveness in artificial intelligence.

Bloomberg reported that the company will offer 710 million shares at HK$112.7 each, representing a 3.6 percent discount to last Friday’s closing price.

The offering comes as Alibaba raises its quarterly capital expenditure to around $10 billion.

Proceeds from the share sale will be used to invest in integrated artificial intelligence capabilities as the company seeks to maintain its leadership and position in the highly competitive sector.

Source: wam.ae

The Wealth Today
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