Alibaba to sell Hong Kong shares to raise $10 billion
Alibaba is gearing up to raise about $10 billion by selling shares in Hong Kong, offering them at a small discount.
The cash boost is all about powering up its AI tech and building better infrastructure: think chips, data centers, and large-language model development.
The deal's being handled by China International Capital Corp and UBS, with a 90-day lockup period.
Alibaba profit down over 75%
Alibaba's profits took a major hit for the June quarter, down more than 75%, mostly because it is pouring money into AI development.
Its flagship Qwen AI model has taken off globally, now ranking as the world's most popular model family.
Even though it is costing Alibaba billions, Alibaba's betting big on staying ahead in the worldwide AI race and keeping its spot as one of China's top tech leaders.