Alibaba proposes Hong Kong share placement worth $13 billion

HONG KONG – China’s Alibaba announced on Aug 23 a proposed placement of new shares in Hong Kong. The aggregate placement consideration is HK$80 billion (S$13 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 in 2026 after Alphabet and Intel. The company said it intends to use 100 per cent of the net proceeds from the placement to invest in its full stack AI capabilities, including expanding and enhancing its AI infrastructure. REUTERS