Hong Kong, August 23 (WAM) - Chinese holding group Alibaba plans to raise around USD 10 billion (HKD 80 billion) through a new share offering on the Hong Kong Stock Exchange, in a strategic move aimed at bolstering its artificial intelligence infrastructure and global competitiveness.

Bloomberg reported that the company will offer 710 million shares at HKD 112.7 per share, representing a 3.6% discount compared to Friday’s closing price.

The offering comes as the company increases its quarterly capital expenditure to around USD 10 billion. The proceeds from the offering will be invested in integrated artificial intelligence capabilities, in an effort to maintain its leadership and position in this competitive sector.

-Khla-