Alibaba Prices $10.2B Hong Kong Share Sale to Fund Full-Stack AI, Largest-Ever HK Follow-On

Alibaba on Sunday announced an 80 billion Hong Kong dollar ($10.2 billion) share placement, selling 710 million shares at HK$112.70 (a 3.6% discount to Friday's close), with all net proceeds earmarked for 'full-stack AI capabilities' spanning chips, computing infrastructure and model development. The deal is the largest-ever primary follow-on offering by a Hong Kong-listed company and 2026's third-largest globally after Alphabet's $80B raise and Intel's $15B sale. Morgan Stanley, HSBC, UBS and CICC are joint bookrunners; the placement was structured offshore of US securities registration.