Alibaba Group Chairman Joe Tsai bought another 720,000 Alibaba shares on Tuesday for HK$82 million, according to a filing with the Hong Kong Stock Exchange cited by BlockBeats on Aug. 25. The purchase came after an earlier initial buy of 720,000 shares by Tsai.
The buying followed Alibaba’s announcement of an HK$80 billion new share placement plan. On the previous day, Tsai and Alibaba CEO Eddie Wu had already increased their holdings by a combined roughly HK$120 million, which the original report described as a vote of confidence in the company’s AI strategy. Wu bought 350,000 Hong Kong-listed Alibaba shares at an average price of about HK$111.6 each, spending around HK$40 million. Together, the two executives bought 1.07 million shares for about HK$120 million.
Alibaba said all proceeds from the HK$80 billion share placement will be used for full-stack AI capabilities and AI infrastructure. The placement drew active subscriptions from long-term investors including global sovereign wealth funds and was ultimately nearly three times oversubscribed.
Alibaba Group Chairman Joe Tsai bought another 720,000 Alibaba shares on Tuesday for HK$82 million, according to a Hong Kong Stock Exchange filing cited by BlockBeats on Aug. 25. Tsai had previously made an initial purchase of 720,000 shares.
Management buying follows placement announcement
The latest purchase came after Alibaba announced an HK$80 billion new share placement plan. A day earlier, Tsai and Alibaba CEO Eddie Wu had bought Alibaba shares worth a combined roughly HK$120 million.
Wu purchased 350,000 Hong Kong-listed Alibaba shares at an average price of about HK$111.6 per share, spending around HK$40 million. Together, Tsai and Wu bought 1.07 million shares for a total of about HK$120 million.
Placement proceeds earmarked for AI
Alibaba said all proceeds from the HK$80 billion share placement will go toward full-stack AI capabilities and AI infrastructure construction.
According to the original report, the placement drew active demand from long-term investors including global sovereign wealth funds, and it was ultimately nearly three times oversubscribed.
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