Alibaba's $10.2 Billion AI Bet: The Biggest Follow-On Offering in Hong Kong History

Alibaba has launched a massive HK$80 billion ($10.2 billion) share placement to fund its aggressive AI expansion, making it the largest primary follow-on offering ever by a Hong Kong-listed company. The Chinese tech giant is selling 710 million shares at HK$112.70 each, a 3.6% discount to its latest closing price. This isn't a speculative venture—Alibaba is putting 100% of the net proceeds toward its "full-stack" AI capabilities, from infrastructure and chips to model...