Alibaba completed the biggest follow-on share sale in Hong Kong history, raising HK$80 billion, or about $10.2 billion, by issuing 710 million new ordinary shares at HK$112.70 primarily to non-U.S. institutional investors over August 23-24, with every dollar of net proceeds earmarked for artificial intelligence infrastructure. The nearly three-times oversubscribed deal, which drew roughly $28 billion of demand and was priced at a 3.6% discount, sent Hong Kong shares down about 8.5%—the steepest single-session drop since early 2025—while U.S. American depositary shares slipped between 0.7% and 2.4%. Chairman Joseph Tsai and CEO Eddie Wu then bought about 1.1 million shares worth roughly $15.3 million on August 24, with filings showing their combined purchases exceeded HK$200 million over two days, while co-founder Jack Ma purchased more than HK$600 million, or about $76.5 million, of stock. The raise backs Alibaba’s AI pivot, including a pledge of at least 380 billion yuan for cloud and AI infrastructure and growing use of its Qwen models, but follows a 75% decline in June-quarter net income and adds to technology equity-supply concerns such as YMTC’s planned $4.9 billion Shanghai IPO.