ALI BABA PROPOSES TO SELL 80 BILLION HK$ FOR THE NEW UNIT AND RAISE ALL FUNDS FOR AI

On Sunday, Alibaba (09988.HK) announced the proposed distribution of new shares in Hong Kong for a total of HK$ 80 billion (approximately US$ 10.2 billion). This distribution will be the largest follow-up in the history of Hong Kong's listed companies and the largest regulation S stock issue ever recorded. At the same time, it was the third largest global-scale follow-up to the issuance of shares this year, after Alphabet and Intel. Ali Baba indicated that it planned to invest 100 per cent of the net proceeds from this distribution in its entire stock of artificial intelligence capabilities, including the expansion and upgrading of artificial intelligence infrastructure。