Alibaba plans $80B share sale

Chinese tech giant Alibaba Group announced a plan to raise approximately $10 billion USD by issuing 710 million shares on the Hong Kong Stock Exchange at a price of 112.7 Hong Kong dollars per share, a 3.6% decline from the previous closing price. The company aims to use the proceeds to expand its artificial intelligence capabilities and improve its infrastructure, with a capital investment of around $10 billion USD to strengthen its global position in the field of artificial intelligence. This move comes as part of the company's efforts to maintain its competitive status in the AI market.

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