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00:03Alibaba raised $10.2 billion in Hong Kong's biggest secondary share offering, according to Bloomberg.
00:08The Chinese tech giant sold 710 million shares at $112.70 Hong Kong each,
00:14priced below both its U.S. and Hong Kong closing prices.
00:17Alibaba plans to use the proceeds to expand its AI infrastructure and full-stack capabilities.
00:23The company has pledged to spend more than 380 billion yuan over three years on chips,
00:28data centers, and large language model development.
00:31The spending has weighed on profitability, with June quarter profit falling more than 75%
00:36to $1.6 billion and free cash outflow reaching $6.6 billion.
00:42Investor Michael Burry criticized the share issuance
00:45and said Alibaba would have to fall by half before he would consider buying again.
00:48For all things money, visit Benzinga.com.
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