Alibaba Raises Record $10.2 Billion for AI Development
By: delo.ua|2026/08/24 08:07:10
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Alibaba Group raised HKD 80 billion (USD 10.2 billion) in the largest corporate secondary stock offering in Hong Kong's history. The funds will be directed towards artificial intelligence development. The company sold 710 million shares at a price of HKD 112.7 each, leading to a 10% drop in stock prices on August 24. Alibaba is increasing its capital expenditures to USD 10 billion per quarter, planning to invest over CNY 380 billion in data centers, chips, and Qwen language models. This offering is the largest since Tencent's stock sale of USD 14.7 billion in 2021. Analysts note that revenue from cloud services and AI is growing; however, investors are looking for a clear business model for long-term monetization amid weak consumer demand in China. Alibaba's profit fell by 75% due to AI costs, with net income at CNY 10.5 billion (USD 1.6 billion).
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