Alibaba to Raise $10.2 Billion in Hong Kong Share Sale for AI Investment

Alibaba Group Holding Ltd. plans to raise HK$80 billion, or about $10.2 billion, in Hong Kong through a new share sale to step up investment in artificial intelligence.

BlockBeats and other outlets reported on August 23 that Alibaba announced the fundraising plan that day.

If completed, the deal would be the largest new share issuance ever by a Hong Kong-listed company. It would also rank as the world's third-largest share sale this year, behind Alphabet and Intel.

Alibaba said it will use all of the proceeds for what it called full-stack AI investment. The company is set to spend heavily on expanding related infrastructure and upgrading existing facilities to meet rising demand for AI computing.