Banking News – Chinese technology company Alibaba has announced plans to raise 80 billion Hong Kong dollars (approximately $10.2 billion USD) through a new share issuance in Hong Kong to expand investments in the artificial intelligence (AI) sector. The Hangzhou-based company, which has been making significant investments in AI, stated on Sunday that shareholders have expressed interest in the returns from such investments.

“The share issuance is being undertaken to expand the company’s global AI leadership,” Alibaba said in a statement. According to the company, the entire amount raised from the share issuance will be invested in expanding AI-related infrastructure and developing its “full-stack AI capabilities.”

According to Alibaba’s latest quarterly financial results released on Thursday, the company’s revenue reached approximately 269 billion yuan (about $40 billion USD) . With the global demand for AI-related technology increasing, demand for the company’s products has also grown. Alibaba is known for its open-source “Qwen” AI model, which the company says is becoming increasingly popular among developers worldwide.