Alibaba plans $80B fundraising via share sale

Chinese company Alibaba Group announced plans to raise approximately 80 billion Hong Kong dollars (10 billion US dollars) 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% decrease from the previous closing price. The company aims to bolster its investment in artificial intelligence technologies, having increased its quarterly capital expenditure to around 10 billion US dollars, with the proceeds to be used for expanding and enhancing its AI infrastructure and maintaining its global leadership in the field.

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