Alibaba Seeks $10.2 Billion Hong Kong Share Sale to Fund AI Expansion

Alibaba is seeking to raise about HK$80 billion, or $10.2 billion, through a Hong Kong share placement and says it will use all of the proceeds to expand its artificial intelligence capabilities and infrastructure. The move comes after strong interest in its latest Qwen AI model and underscores how aggressively the company is spending to compete in the global AI race. The deal is set to be one of the largest primary share sales by a Hong Kong-listed company, and it could strengthen Alibaba’s cloud and model-development ambitions at a time when Chinese tech firms are under pressure to keep pace with rivals.