Chinese technology giant Alibaba has announced plans to raise about $10.2 billion through a new share sale in Hong Kong to finance the expansion of its artificial intelligence business.
The Hangzhou-based company said on Sunday that it would issue HK$80 billion worth of new shares, with all net proceeds earmarked for strengthening its AI capabilities and infrastructure.
Alibaba said the fundraising was aimed at extending its position in the global AI market as the company continues to invest heavily in the technology.
“The Equity Placement is being undertaken to extend the Company’s global AI leadership,” the company said in a statement.
It added that the proceeds would be used to develop its “full stack AI capabilities”, including the expansion and enhancement of its AI infrastructure.
The planned fundraising comes as Alibaba steps up its investment in AI, with shareholders increasingly looking for ways the company can generate returns from its substantial spending on the technology.
Alibaba reported nearly 269 billion yuan ($40 billion) in revenue for its latest quarter on Thursday, representing a nine per cent increase from the same period a year earlier.
The company attributed part of the growth to rising demand linked to the global AI boom.
Alibaba has also gained international attention through its open-source Qwen AI models, which have been increasingly adopted by developers worldwide.
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