Jack Ma has bought more Alibaba Group Holding shares in Hong Kong over several days, with the total purchase amount topping HK$600 million, according to a report cited by BlockBeats on Aug. 25. The buying came as Alibaba launched an equity placement, and the purchases were described as a vote of confidence in the company’s AI prospects.
The report follows earlier disclosures that Alibaba Chairman Joe Tsai and CEO Eddie Wu had also increased their holdings after the company announced an HK$80 billion new share placement plan. Their combined purchases were said to total about HK$120 million. Wu bought 350,000 Hong Kong-listed Alibaba shares at an average price of roughly HK$111.6, spending about HK$40 million. Together, Tsai and Wu added 1.07 million shares. Tsai later bought another 720,000 shares for about HK$82 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 was actively subscribed by long-term investors including global sovereign wealth funds and ended up nearly three times oversubscribed.
Jack Ma has increased his holdings in Alibaba Group Holding’s Hong Kong-listed shares over several days, with the total amount spent exceeding HK$600 million, according to a report from the Science and Technology Innovation Board Daily cited by BlockBeats on Aug. 25.
The purchases came as Alibaba moved ahead with an equity placement. The report said the buying reflected Ma’s strong confidence in Alibaba’s AI prospects.
Alibaba executives have also been buying shares
Earlier, after Alibaba announced an HK$80 billion new share placement plan, Chairman Joe Tsai and CEO Eddie Wu bought about HK$120 million worth of Alibaba shares combined, in what the 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, for a total cost of about HK$40 million. Tsai and Wu together purchased 1.07 million shares, with the combined amount reaching about HK$120 million.
Tsai then bought another 720,000 shares on the day of the report, spending about HK$82 million.
Placement proceeds earmarked for AI investment
Alibaba said all proceeds from the HK$80 billion new share placement will be directed to full-stack AI capabilities and AI infrastructure construction.
The placement drew active orders from long-term investors, including global sovereign wealth funds, and was ultimately nearly three times oversubscribed.
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