Alibaba raises US$10 billion in record Hong Kong share sale

Published Aug 23, 05:51 AM UTC

Alibaba raised US$10 billion in a record Hong Kong share sale, marking the largest such offering in the city's history. However, the stock slid as much as 10% on Monday morning, its steepest drop since April 2025. The company intends to use the proceeds to invest in full-stack AI capabilities, including expanding and enhancing its infrastructure. The share sale and subsequent stock decline highlight market reactions to Alibaba's capital-raising efforts amid its strategic pivot toward artificial intelligence.