Aug 23 (Reuters) – China’s Alibaba announced on Sunday a proposed placement of new shares in Hong Kong.
The aggregate placement consideration is HK$80 billion ($10.2 billion), the company added.
Alibaba said the deal would mark the largest-ever primary follow-on offering by a Hong Kong-listed company and the biggest Regulation S equity offering on record, while ranking as the world’s third-largest primary follow-on share sale this year after Alphabet and Intel.
The company said it intends to use 100% of the net proceeds from the placement to invest in its full stack AI capabilities, including expanding and enhancing its AI infrastructure.
($1 = 7.8396 Hong Kong dollars)
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by William Mallard and Raju Gopalakrishnan)
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