Alibaba Proposes HK$80 Bln Equity Placement For AI Infrastructure
(RTTNews) - Alibaba Group Holding Limited (BABA) announced on Sunday a proposed equity placement of HK$80 billion newly issued ordinary shares in Hong Kong. The company specified that the placement is for the non-U.S. persons outside the United States.
The company stated that the proposed Placing is being undertaken to extend the its global AI leadership.
Alibaba intends to use net proceeds from the equity placement to invest in its full stack AI capabilities, including expanding and enhancing its AI infrastructure.
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.