On August 24, Alibaba announced the completion of an initial placement price of HK$80 billion. The issue price was HK$112.70 per common share, for a total of 710 million shares. 100% of the net proceeds from the placement will be used to invest in full-stack AI capabilities, strengthen AI infrastructure construction, and further strengthen Ali's leading position in the AI field. According to reports, this placement was oversubscribed less than an hour after it was launched. The final placement share was mainly for high-quality long-term investors such as sovereign wealth funds, which is a vote of confidence from global long-term capital on Alibaba's AI return prospects. The active subscription of long-term investors stemmed from Alibaba AI's investment in a clear and visible return path. According to Ali's latest financial report, the annualized revenue of AI-related products has exceeded 49.5 billion yuan, and is expected to reach 10 billion US dollars in the next quarter; Alibaba Cloud's external commercialization revenue is expected to reach 100 billion US dollars in 2030, and the profit margin is expected to exceed 20%. Supported by a continued shortage of computing power and a continuous increase in revenue and gross profit from AI-related products, Ali management expects capital expenditure to be recovered within 3 years, or even 2.5 to 2 years. Therefore, compared to short-term dilution, the certainty of AI growth and the visibility of return on investment have driven this subscription enthusiasm and high pricing. CICC, HSBC, Morgan Stanley, and UBS participated in this round of the IPO. Major sovereign funds from the Middle East, Europe, Asia and other regions participated actively in this subscription.

On August 24, Alibaba announced the completion of an initial placement price of HK$80 billion. The issue price was HK$112.70 per common share, for a total of 710 million shares. 100% of the net proceeds from the placement will be used to invest in full-stack AI capabilities, strengthen AI infrastructure construction, and further strengthen Ali's leading position in the AI field. According to reports, this placement was oversubscribed less than an hour after it was launched. The final placement share was mainly for high-quality long-term investors such as sovereign wealth funds, which is a vote of confidence from global long-term capital on Alibaba's AI return prospects. The active subscription of long-term investors stemmed from Alibaba AI's investment in a clear and visible return path. According to Ali's latest financial report, the annualized revenue of AI-related products has exceeded 49.5 billion yuan, and is expected to reach 10 billion US dollars in the next quarter; Alibaba Cloud's external commercialization revenue is expected to reach 100 billion US dollars in 2030, and the profit margin is expected to exceed 20%. Supported by a continued shortage of computing power and a continuous increase in revenue and gross profit from AI-related products, Ali management expects capital expenditure to be recovered within 3 years, or even 2.5 to 2 years. Therefore, compared to short-term dilution, the certainty of AI growth and the visibility of return on investment have driven this subscription enthusiasm and high pricing. CICC, HSBC, Morgan Stanley, and UBS participated in this round of the IPO. Major sovereign funds from the Middle East, Europe, Asia and other regions participated actively in this subscription.