Alibaba to Raise HK$80 Billion to Accelerate AI Push

Alibaba plans an HK$80bn (about $10.2bn) share placement, with 100% of net proceeds earmarked for expanding its full‑stack AI capabilities and infrastructure, capitalizing on buoyant Chinese markets even as it posts a June quarter free cash outflow of $6.6bn and a 75% drop in net profit as AI spending rises. The move follows a wave of AI-related enthusiasm—including the Qwen 3.8‑Max model, CXMT IPO, and Unitree Robotics—while Alibaba navigates US regulatory pressure, including the Pentagon blacklist and ongoing tech‑policy talks ahead of a U.S.–China summit.