Alibaba Group Chairman Joe Tsai and CEO Wu Yongming bought a combined 1.07 million Hong Kong-listed shares worth about HK$120 million after the company announced an HK$80 billion new-share placement. Tsai purchased about 720,000 shares for HK$80.7 million at an average HK$112.0803, while Wu bought 350,000 shares for HK$39.07 million at an average HK$111.6359. Alibaba plans to issue 710 million shares at HK$112.70, with proceeds dedicated to full-stack AI capabilities and infrastructure. The deal, reportedly nearly three times oversubscribed, came as the stock fell 8.5% to HK$112.5, while Alibaba continues to increase AI spending despite having reduced its share count by about 11% through buybacks and cancellations.