Changes in Hong Kong stocks | Alibaba-W (09988) opens more than 8% lower and plans to allocate HK$80 billion of shares, all of which will be invested in AI construction

The Zhitong Finance App learned that Alibaba-W (09988) opened more than 8% lower. As of press release, it fell 8.05% to HK$113.1, with a turnover of HK$1,449 billion.

According to the news, on August 23, Alibaba announced that it plans to place new shares to non-Americans outside the US, with a total placement amount of HK$80 billion. This time, Alibaba placed 710 million shares at an allotment price of HK$112.7 per share, which is equivalent to a discount of about 8.4% from the closing price of Hong Kong stocks of HK$123 on August 21. It is worth noting that this is the first time that Alibaba has initiated an IPO since the Hong Kong stock listing in 2019. 100% of the net proceeds from this placement will be used to invest in full-stack AI capabilities, strengthen AI infrastructure construction, and further consolidate Ali's leading global position in the AI field.