Alibaba founder Jack Ma increased his holdings in the company’s Hong Kong-listed shares by more than HK$600 million over several days, signaling confidence in its AI outlook, according to people familiar with the matter cited by The Shanghai Securities Journal. Chairman Cai Chongxin and CEO Wu Yongming also bought shares worth about HK$120 million combined. Alibaba plans to invest all proceeds from its HK$80 billion new-share placement in full-stack AI capabilities and AI infrastructure. The offering was nearly three times oversubscribed, while U.S.-listed Alibaba shares rose more than 2% in premarket trading after earlier falling more than 1%, according to MSX.COM data.