Chinese technology giant Alibaba has announced plans to raise HK$80 billion (about $10.2 billion) through a new share issue in Hong Kong as it seeks to expand its global artificial intelligence (AI) operations.
The company said the funds would be used entirely to strengthen its “full-stack AI capabilities,” including the expansion and improvement of its AI infrastructure.
Alibaba has invested tens of billions of dollars in AI as it seeks to benefit from the rapidly growing demand for artificial intelligence technology. The company’s shareholders are increasingly focused on how it will generate returns from those investments.
The Hangzhou-based technology firm recently reported revenue of nearly 269 billion yuan ($40 billion) for its latest quarter, representing a 9 per cent increase from the same period last year. The growth was supported by strong demand for its products amid the global AI boom.
Alibaba is also known for its open-source Qwen AI models, which have gained significant popularity among developers around the world.
The company said the share placement is aimed at strengthening its position as a global leader in artificial intelligence.
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