China's Alibaba announced on Sunday a proposed placement of new shares in Hong Kong. The aggregate placement consideration is HK$80 billion ($10.2 billion), the company added, according to Reuters. Alibaba said the deal would mark the largest-ever primary follow-on offering by a Hong Kong-listed company and the biggest Regulation S equity offering on record, while ranking as the world's third-largest primary follow-on share sale this year after Alphabet and Intel. The company said it intends to use 100% of the net proceeds from the placement to invest in its full stack AI capabilities, including expanding and enhancing its AI infrastructure.
