Alibaba Group Holding Limited announced the placement of $80 billion HK for 710 million newly issued ordinary shares to non-U.S. investors outside the U.S. The price is $112.70 HK per placement share and is expected to close Aug. 26.
"The equity placement is being undertaken to extend the company's global AI leadership," the company said in a statement Monday. "Alibaba intends to use 100 percent of the net proceeds from the equity placement to invest in its full-stack AI capabilities, including to expand and enhance its AI infrastructure."
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"The equity placement is being undertaken to extend the company's global AI leadership," the company said in a statement Monday. "Alibaba intends to use 100 percent of the net proceeds from the equity placement to invest in its full-stack AI capabilities, including to expand and enhance its AI infrastructure."
More from WWD
Holiday Shoppers Embrace AI, Retailers Struggle to Keep Up
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#alibaba #group #Monday #embrace
2 days ago
