Beijing, August 23
Chinese technology giant Alibaba said Sunday that it plans to raise HK$80 billion ($10.2 billion) through a new share placement in Hong Kong to fund its global artificial intelligence ambitions.
The Hangzhou-based company has been investing tens of billions of dollars in AI, as investors increasingly look for ways the company can generate returns from its massive spending on the technology.
“The Equity Placement is being undertaken to extend the Company’s global AI leadership,” Alibaba said in a statement.
The company said all net proceeds from the share sale will be used to strengthen its “full stack AI capabilities”, including expanding and upgrading its AI infrastructure.
Alibaba reported nearly 269 billion yuan ($40 billion) in revenue for its latest quarter on Thursday, marking a 9 percent year-on-year increase. The company attributed the growth in part to rising global demand for its products amid the rapid expansion of artificial intelligence.
Alibaba is also known for its open-source Qwen AI models, which have gained popularity among developers around the world.
