On August 23, Alibaba announced its proposal to place newly‑issued ordinary shares with investors outside the United States, for a total consideration of HK$80 billion (approximately $10.2 billion). The transaction remains subject to market and other conditions, and the company gave no guarantee of final completion. Alibaba intends to allocate 100% of the net proceeds to building full‑stack AI capabilities, including expanding and upgrading AI‑related infrastructure. According to the firm, this will mark the largest primary follow‑on offering ever carried out by a Hong Kong‑listed company.