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Story summary
- Alibaba will sell HK$80 billion of shares in a placement for AI.
- It will issue 710 million ordinary shares at HK$112.70, a 3.6% discount.
- Strong demand caused oversubscription and an increased offering size.
- Alibaba will invest 100% of proceeds in its full-stack AI, covering chips, infrastructure and models.
- U.S. investors are excluded as the offshore transaction bars their participation.
