
Alibaba taps HK market to fund AI push after profits slump
Alibaba priced an HK$80 billion share placement, issuing 710 million new shares at HK$112.70 each to non-U.S. investors, with net proceeds earmarked for expanding AI capabilities and infrastructure. The move follows a 75% quarterly profit drop as AI spending weighed on results, with capital expenditure up 75% to 67.7 billion yuan; Alibaba had pledged to invest at least 380 billion yuan in AI and cloud infrastructure over three years. The stock slid up to about 10% in Hong Kong after the news.











