BEIJING (dpa-AFX) - Alibaba Group Holding Limited (BABA) announced on Sunday a proposed equity placement of HK$80 billion newly issued ordinary shares in Hong Kong. The company specified that the placement is for the non-U.S. persons outside the United States.
The company stated that the proposed Placing is being undertaken to extend the its global AI leadership.
Alibaba intends to use net proceeds from the equity placement to invest in its full stack AI capabilities, including expanding and enhancing its AI infrastructure.
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